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Capital Dynamics, an independent global private asset management firm, today announced that its Clean Energy Infrastructure (CEI) business has signed a long-term Power Purchase Agreement (PPA) with Indiana Municipal Power Agency (IMPA) in coordination with Tenaska. Under the terms of the PPA, IMPA will purchase 100MWac of the power generated by a CEI-owned greenfield solar project located in Indiana.
The solar project is one of 14 projects that Capital Dynamics acquired from Tenaska in November 2018. The project, which Tenaska continues to oversee preconstruction, is located on approximately 1,200 acres in southern Indiana and is currently in development stage. Construction is expected to finish and reach commercial operations in the second half of 2022.
“This agreement with IMPA strengthens our presence in the Midcontinent Independent System Operator (MISO) market and demonstrates our long-term commitment to helping the region reach its renewable power goals,” said Benoit Allehaut, Managing Director on Capital Dynamics’ Clean Energy Infrastructure team. “Tenaska was a crucial partner in finalizing the agreement and brought significant expertise through all elements of development phase. Together, this project is a part of our larger goal to foster the development of a solar-dominant culture throughout the Midwest.”
“We are excited to see Tenaska’s relationship with Capital Dynamics yield strong results with the signing of this PPA,” said Steve Johnson, senior vice president and leader of Tenaska Solar Ventures, the company’s solar development business. “This was our intent when we started doing business together. We are eager to finish development of this project in Indiana and bring it to construction.”
“We are honored to collaborate with Capital Dynamics and Tenaska on this project,” said IMPA President and CEO Raj Rao. “We are confident the solar project will meet the long-term power needs of our members and their customers, and we’re grateful for their contribution to making it happen.”