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Life Health > Life Insurance

Pru Capital Backs Solar Energy Project

By Michael K. Stanley

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Prudential Capital Group, an investment business of Prudential Financial (NYSE:PRU) has partnered with Banco Santander S.A. and institutional investors to provide financing to LS Power.

LS power will use the funds to construct and operate Arlington Valley Solar Energy II, a 127-megawatt solar photovoltaic (using more than one panel to convert sunlight into electricity) power generation facility in Maricopa County, Arizona.

Partnerships between banks, private capital and institutional investors are becoming increasingly popular albeit if most of the parties hands are forced into cooperation due to tight capital availability.

Prudential Capital collectively engineered this transaction with Banco Santander who provided $295 million in short-term financing in addition to Prudential Capital’s $121 million in long-term senior notes. The remaining $50 million was provided by institutional investors.

Arlington Valley Solar Energy II will sprawl across 1,200 acres in Maricopa County, LS Power has agreed to sell all generated power to San Diego Gas & Electric as part of a 25 year power agreement. Construction will begin during the first quarter of 2012 and will generate 275,000 megawatts of power in its first year of operation.

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