Tenaska Closes $450 Million for Photovoltaic Plant in California

Tenaska Inc., a closely held energy developer, closed $450 million in financing to build its second utility-scale solar plant in California’s Imperial Valley.

The 150-megawatt Tenaska Imperial Solar Energy Center West project will be built near El Centro, the Omaha, Nebraska-based company said today in an e-mailed statement. First Solar Inc. (FSLR) expects to begin construction this year, with completion scheduled for 2016.

The company’s other California solar plant, the 130-megawatt Tenaska Imperial Solar Energy Center South, began generating electricity in November.

Sempra Energy (SRE)’s San Diego Gas & Electric Co. has agreed to buy power from both solar plants under 25-year contracts, according to the statement.

Terms weren’t disclosed.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Will Wade, Carlos Caminada

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