Invenergy, a privately-held global developer and operator of sustainable energy solutions, has announced the completion of construction financing for the 100 MW Dry Lake Solar Energy Center (Dry Lake Solar).
Santander and Société Générale acted as joint lead arrangers for the construction financing.
Located 25 miles north of Las Vegas, Nevada, US, 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 is contracted under a long-term power purchase agreement with MGM Resorts International, a partnership which was announced in 2018, and will assist MGM Resorts in achieving its renewable energy goals. The company will purchase all the energy generated by the project, which will provide up to 90% of total daytime power needs across its 13 Las Vegas properties.
The project will be made up of approximately 336 000 panels on 640 acres of land within the US 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 US$12 million of property tax revenue over the 35-year project operating life and US$1.3 million in state sales tax revenue as well as indirect benefits to local businesses.
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