Invenergy Completes Construction Financing for Dry Lake Solar Energy Center
Invenergy, a leading privately-held global developer and operator of sustainable energy solutions, announced the completion of construction financing for the 100-megawatt Dry Lake Solar Energy Center.
Santander and Societe Generale acted as Joint Lead Arrangers for the construction financing.
Located 25 miles north of Las Vegas, Nevada, the Dry Lake Solar project is currently under construction and scheduled to begin commercial operation in June 2021. The project will support approximately 250 jobs over the course of the construction period.
Dry Lake Solar is contracted under a long-term power purchase agreement (PPA) with MGM Resorts International, a partnership which was announced in 2018, and will assist MGM Resorts in achieving its renewable energy goals. MGM Resorts will purchase all the energy generated by the project, which will provide up to 90 percent of total daytime power needs across MGM Resorts’ thirteen Las Vegas properties.
“We are pleased to have reached the close of construction financing for our Dry Lake Solar Energy Center,” said Meghan Schultz, Senior Vice President, Finance and Capital Markets at Invenergy. “This milestone represents the strength of Invenergy’s lender relationships as well as our ability to execute and deliver value to customers in today’s unique market conditions.”
The project will be made up of approximately 336,000 panels on 640 acres of land within the U.S. Bureau of Land Management’s Dry Lake Solar Energy Zone, producing enough electricity to power the equivalent of approximately 27,000 homes per year.
Once operational, Dry Lake Solar will generate over $12 million of property tax revenue over the 35-year project operating life and $1.3 million in state sales tax revenue as well as indirect benefits to local businesses.