Capital Dynamics, an independent global private asset management firm, and 8minute Solar Energy (“8minute”), the largest independent solar and storage developer in the U.S., today announced the acquisition of the Eagle Shadow Mountain Solar Project. Located near Clark County, Nevada, Eagle Shadow Mountain is the first of two clean energy projects on the site that 8minute is contracted to develop and deploy. The 300MWac/387MWdc solar project is slated for completion and opening by the end of 2021.
Located on the Moapa River Indian Reservation, the Eagle Shadow Mountain project is anticipated to generate up to 400 new jobs during the 18-month construction period, with 10 full-time employees working at the plant upon completion. Occupying a remote, sun-drenched corner of the Nevada desert, the Moapa River Indian Reservation has a population of less than 250 full-time residents. As with previous projects in the area, the developers will rely heavily on the rich talent pool provided by the Moapa Band of Paiutes—both for building and operating the solar and storage plant.
“It’s an honor to be collaborating with the Moapa Band of Paiutes on this project,” said Tom Buttgenbach, President and CEO of 8minute. “With a proven track record of on-time, on-budget delivery, 8minute is confident that Eagle Shadow Mountain be a lifelong asset to the Moapa River Indian Reservation community—and we’re grateful to Capital Dynamics for their contribution to making it happen.”
“The Eagle Shadow Mountain project marks our third transaction with 8minute and further strengthens our partnership with the country’s most sought-after clean energy developer,” said Benoit Allehaut, a Managing Director on Capital Dynamics’ Clean Energy Infrastructure (CEI) team. “We look forward not just to a successful deployment of the plant, but fostering the development of a solar-dominant culture throughout Nevada.”
Upon completion, the Eagle Shadow Mountain project is expected to generate more than 900,000 MWhs of clean electricity per year. NV Energy has entered into a long-term power purchase agreement for the municipality’s coverage area of 44,000 square miles with 2.4 million customers. 8minute has another project under development with NV Energy, which once completed will be one of the largest solar plus storage projects ever built in Nevada and one of the largest in the world. The company is dedicated to developing greenfield projects in states in which they are able to continue proving the economic viability of solar power.
The acquisition of the Eagle Shadow Mountain project increases the Capital Dynamics CEI global portfolio to approximately 6.1 GWdc of gross power generation, including the addition of 1.3 GWdc of solar generation in 2019. In addition, Capital Dynamics now owns six of the 20 largest solar projects in the United States.
The Eagle Shadow Mountain project will increase 8minute’s national portfolio to over 15 GW of solar PV and storage under development—with 1,500+ MW of utility-scale projects producing power and 3,100+ MW of PPAs executed. The company’s projects have raised $6 billion of capital since 2015.