The Mount Signal 2 Plant (MS2) is located in the Imperial Valley of southern California, approximately 175km east of San Diego. In March 2018, New Energy Solar acquired 100% of the cash equity interests in the 200 MW solar plant from an affiliate of D.E. Shaw Renewable Investments (part of the D.E. Shaw Group, a global investment and technology development firm).
MS2 will be constructed by Swinerton Renewable Energy, a leading US constructor, and is expected to commence operations by late 2019. Once operational, MS2 is expected to generate enough electricity to power nearly 46,000 homes every year1.
MS2 has secured a 20-year power purchase agreement with Southern California Edison (SCE), that commences in mid-2020. SCE, a subsidiary of Edison International, serves a population of more than 15 million people and is the primary electricity provider for central, southern and coastal California.
The acquisition was funded by New Energy Solar with a mix of equity and non-recourse debt provided by a syndicate of banks, and will be finalised following the substantial completion of the plant.
1 Based upon an average house utilising approximately 8,375kWh per annum.