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MidAmerican’s Topaz Solar sells $850m in bonds

17 Feb 2012

MidAmerican Energy-owned Topaz Solar has priced $850m of bonds in an offering to US credit markets.

According to a report in the Wall Street Journal, the investment grade bonds were priced at par at a yield of 5.75 per cent.

MidAmerican completed the acquisition of the Topaz Solar Farm at the end of January from First Solar.

The 550MW photovoltaic plant is being built in San Luis Obispo County, and will have the capacity to generate enough energy to power 160,000 average California homes.

Pacific Gas and Electric Company will purchase power from the Topaz project under a 25-year power purchase agreement.

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