8minutenergy and Capital Dynamics Announce 328 MW Mount Signal 3 Solar Project

Third phase of Mount Signal Solar Farm, among the largest PV projects
worldwide, will be developed by 8minutenergy and owned by Capital
Dynamics

FOLSOM, Calif.–(BUSINESS WIRE)–8minutenergy
Renewables, LLC (“8minutenergy”), the largest independent solar
power developer in the U.S., and global private asset manager Capital
Dynamics, today announced the acquisition and development of the 328
megawatt-dc Mount Signal 3 (“MS3”) solar photovoltaic (PV) project. The
project is located in the city of Calexico in California’s Imperial
Valley, and is the third phase of the 800 MW Mount Signal Solar Farm,
which is among the largest PV projects in the world.

Capital Dynamics acquired Mount Signal 3’s equity interests from
8minutenergy, who will continue to be the project developer. Although
terms of the transaction are not being disclosed, Capital Dynamics is
currently arranging tax equity and debt financing for the project, with
financial closing expected in late July 2017.

8minutenergy started developing Mount Signal 3 in 2011, and has already
completed all procurement and construction contracts. Mortenson
Construction was appointed as the engineering, procurement, and
construction (EPC) contractor, and will be hiring for 300-400 local
construction jobs, starting this year. First Solar was selected as the
panel supplier, providing 2.8 million Series 4 thin film panels. In
addition, Southern California Edison (SCE) and 8minutenergy signed the
long-term power purchase agreement in 2014 to deliver the project’s
clean, renewable energy to residents in 15 surrounding counties.
8minutenergy will continue to oversee construction, and is expected to
bring the plant to commercial operation by the end of 2018.

“As the original developer of the Mount Signal Solar Farm, we
successfully built the 260 MW-dc Mount Signal 1 project, and brought it
online in 2013. We are thrilled to bring Mount Signal 3 to fruition,
which is the largest in 8minutenergy’s history,” said 8minutenergy CEO
and Founder, Martin Hermann. “It’s our mission to deliver abundant and
affordable clean energy, and we are certainly doing that with Mount
Signal 3. Through our rigorous project development approach, we are
going to once again be delivering solar power at cost-competitive rates
to fossil fuels.”

“We thank our dedicated partners, including Capital Dynamics, whose
exceptional team and project experience stood out to us,” said
8minutenergy President and Co-Founder, Tom Buttgenbach. “We’re proud to
be working together to bring clean energy to Imperial Valley, and to do
so in an environmentally-friendly manner. Mount Signal 3 will be built
upon 2,000 acres of low-productivity farmland, and we will be
significantly reducing water usage in the region, as well as protecting
wildlife habitat during construction and operation. It’s become an ideal
project for everyone involved.”

“We are proud to own the Mount Signal 3 solar project, and to deepen our
relationship with 8minutenergy,” said Capital Dynamics’ Head of Clean
Energy Infrastructure (CEI), John Breckenridge. “With over 3 GW of
renewable assets in our portfolio, we seek quality projects with teams
that we can depend upon to deliver. This transaction is consistent with
CEI’s strategy of long-term ownership of high-quality power generation
assets in North America and Europe.”

“Our successful experience suppling panels to 8minutenergy, as well as
our strong relationship with Mortenson, enabled us to be a part of this
major project,” said Roger Bredder, First Solar’s Vice President of
Business Development for the Americas. “Our reliable thin film
technology, with proven optimal performance in the high temperature
Imperial Valley, provides savings all the way through to end users.”

8minutenergy engaged several advisory firms to close the MS3
transaction, most notably BofA Merrill Lynch as the lead financial
advisor, and Orrick, Herrington & Sutcliffe as legal counsel. Capital
Dynamics was represented by Amis, Patel & Brewer, LLP as legal counsel.

About 8minutenergy Renewables, LLC

Founded in 2009, 8minutenergy Renewables is the nation’s largest
independent developer of solar PV and storage projects. To date,
8minutenergy has 7.5 GW of PV and 1 GW of storage under development in
North America, operates 700+ MW in solar assets, and been awarded more
than 1.5 GW in power purchase agreements. The company is developing some
of the largest solar plants in the world, including the 800 MW Mount
Signal farm in California. 8minutenergy has an unmatched ability to
produce affordable clean energy, and to deliver strong financial returns
on utility-scale solar and storage projects. For more information,
please visit www.8minutenergy.com.

About Capital Dynamics’ Clean Energy Infrastructure team

Capital Dynamics’ Clean Energy Infrastructure (CEI) Team holds extensive
expertise in investing, financing, owning and operating conventional and
clean energy businesses globally. Established to capture attractive
investment opportunities in this class of real assets, Capital Dynamics’
CEI mandate is to invest directly in proven clean energy technologies –
such as solar, wind, biomass, conventional gas generation and waste
gas-fueled power generation – across the globe. Since the establishment
of Capital Dynamics’ CEI business, the CEI Team has acquired, built and
now manages nearly 3,100 MW of clean energy capacity in North America
and Europe.

Disclaimer: The information
contained in this press release is not to be considered investment
advice and shall not constitute an offer to sell or a solicitation of an
offer to purchase securities or enter into any agreement with Capital
Dynamics.

Contacts

8minutenergy Renewables
Helena Kimball, +1 415-706-3769
Vice
President of Global Marketing
[email protected]
or
Capital
Dynamics
[email protected]