Arizona solar plant gets $125M investment

Abengoa Solar has received $125 million for an equity stake in its Solana Generating Station near Gila Bend from Capital Riesgo Global, a subsidiary of Banco Santander. The money pushes the 280-megawatt power plant’s funding up to about $2 billion. Three-quarters of that was through a U.S. Department of Energy federal loan guarantee. The money will lower Abengoa’s costs in the project, and has been approved by the DOE and the Federal Energy Regulatory Commission. The investment continues a string of private investments for private-equity stakes in solar projects in the Southwest including Agua Caliente outside of Yuma.

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