The North American Development Bank (NADB) provided a $13.1m loan to Astrosol’s subsidiary AstroSol Tech Park AZ for the 38.5-acre solar facility located in the Solar Zone of the University of Arizona Science and Technology Park.
Tucson Electric Power Company will buy the electricity generated by the project to comply with Arizona’s Renewable Energy Standard and Tariff.
BECC project manager Renata Manning said, "This project offers a unique opportunity to support a demonstration project that immediately provides renewable energy sources for the residents in the border region."
Environmental benefits related to the project, which was certified by the Border Environment Cooperation commission (BECC) in January, include the displacement of over 7,700 metric tons of carbon dioxide, 28 metric tons of nitrogen oxides and 44 metric tons of sulfur dioxide per year.
Astrosol is the joint venture formed by the solar panel manufacturer Astronergy Solar and the German solar project developer Solmotion.
