SunPower Said to Borrow $250 Million for California Solar Farm

  • Credit Agricole, Mizuho and Santander were lenders on the deal
  • PG&E has a power-purchase agreement with Henrietta solar farm

SunPower Corp., the second-biggest U.S. solar manufacturer, arranged as much as $250 million in debt to build a 102-megawatt power plant in central California, according to two people familiar with the deal.

Credit Agricole SA, Mizuho Bank Ltd. and Banco Santander SA provided the funds, which will be due seven years after construction on the Henrietta Solar Project is complete, according to the people, who asked not to be identified because they’re not authorized to discuss it.

Ingrid Ekstrom, a spokeswoman for San Jose, California-based SunPower, confirmed that the deal had closed and declined to provide any details.

SunPower began construction on the Henrietta project in Kings County in June. PG&E Corp. has a long-term contract to buy the power when it’s operational, which is expected by late 2016.

8point3 Energy Partners LP, the renewable-energy holding company co-owned by SunPower and First Solar Inc., the biggest U.S. solar manufacturer, has a right of first offer to acquire Henrietta.

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