Renewables

Panasonic Eco Solutions, Coronal Management acquire 16.2 MW of Calif. solar power

Panasonic Eco Solutions North America and Coronal Management have acquired 16.2 MW of California Renewable Energy Small Tariff solar power projects from Macquarie Capital, the companies announced Friday.

The nine projects are located in Tulare and Kings counties in central California. Panasonic provided 100 percent of the initial financing needed for the transaction, and the projects will be built by ImMODO Energy Services Corp. and Panasonic Eco Solutions. When completed, the projects will bring the total capacity jointly developed by the Coronal-Panasonic relationship to more than 30 MW.

The management teams of the two companies have been working together for the past two years to develop, finance and operate projects. The teams expect to implement 100 MW by the end of 2014.