Capital One secures equity stake in Tonopah solar plant
Capital One has acquired a tax equity stake in the Crescent Dunes Solar Energy Project near Tonopah, an investment of up to $78 million, SolarReserve announced Jan. 17.
“U.S.-developed innovative renewable energy technologies hold the promise of the expansion of U.S. exports, creation of jobs in the solar industry, and strengthening of the nation’s economy,” SolarReserve CEO Kevin Smith said in a statement announcing the partnership with Capital One.
“SolarReserve’s American innovation deployed at the Crescent Dunes facility is a model for projects around the globe,” Smith said.
SolarReserve, project developer and managing investor, along with initial equity investors ACS Cobra, and Santander will maintain their ownership stake in the project, SolarReserve said.
Keeping the ownership stake is a demonstration of their continued commitment to the project, SolarReserve said in its announcement.
The solar plant off Gabbs Pole Line Road is described by SolarReserve as the world’s largest energy storage facility.
SolarReserve’s proprietary molten salt energy storage technology allows day and night operation.
The plant delivers 110 megawatts of electricity plus 1,100 megawatt-hours of energy storage to Nevada’s grid under a 25-year power purchase agreement with NV Energy, Nevada’s largest utility, SolarReserve said.
Capital One representatives were in attendance at the solar energy celebration at the solar plant this past fall.
