Aypa Power recently announced a big $535 million financing package for its Vidal project. Developed by 8minute Solar Energy, this solar and energy storage project is situated in San Bernardino County, California. This groundbreaking project is expected to begin operations in 2026. It is designed to help the company provide electricity, maintain resource adequacy, and provide RECs to San Diego Community Power via a long-term power purchase agreement.
The Vidal project produces a whopping 160 megawatts (MW) of solar power. It includes a smart, world-class battery energy storage system (BESS) of 160 MW, 640 MWh. This powerful combination will bolster grid reliability and help to achieve California’s ambitious carbon-free electricity targets. By law, the state is in the midst of an ambitious transition to renewable energy. As the clean power demand continues to expand substantially, the Vidal project is an essential part of that equation.
Besides these environmental achievements, the project is expected to produce more than $13.5 million in local economic benefits. It is expected to create up to 260 construction jobs in the region, contributing to the economic vitality of San Bernardino County.
Aypa Power’s chief financial officer, Marc Atlas, expressed optimism regarding the project’s financing and its implications for California’s energy landscape.
“Closing this large financing for the Vidal project reflects the strong confidence top-tier lenders have in Aypa Power’s ability to deliver grid-scale assets that generate compelling, long-term returns.” – Aypa Power chief financial officer Marc Atlas
The developer’s 20-year power purchase agreement with San Diego Community Power ensures the project a consistent buyer of its electricity. This settlement will certainly improve grid resilience in the region. California is continuing to lead the charge towards a renewably powered future. Innovative projects like Vidal are key to creating the sustainable future we all want.
“We appreciate the trust of our lender group as we scale investments to meet California’s growing grid reliability needs.” – Aypa Power chief financial officer Marc Atlas
The long-term power purchase agreement with San Diego Community Power will ensure a stable supply of electricity and enhance grid resilience in the area. As California pushes towards achieving its renewable energy targets, projects like Vidal play a pivotal role in fostering a sustainable future.