Atlantica Sustainable Infrastructure has exercised its right to buy out the tax equity investor in the 280-MW Solana concentrating solar power (CSP) plant in Arizona.

The company says in its financial report for the second quarter of 2020 that it made use of the option on July 17. It expects to invest an estimated EUR 246.4m as part of the transaction, which is seen to close later in August. This is in addition to a USD-10-million payment made by Atlantica to secure the option in 2019.

“The price includes a performance earn-out based on the average annual net production of the asset in the four calendar years with the highest annual net production during the five calendar years of 2020 through 2024,” Atlantica explains.

The tax equity investor is Liberty Interactive Corporation, which at end-September 2013 agreed to invest USD 300 million in Class A shares of ASO Holdings Company LLC — the holding company of Solana.

The solar thermal plant has 24 remaining years under a fixed-price power purchase agreement (PPA) with Arizona Public Service Company.