The change of ownership for Solargen Energy’s assets means
little to prospects on the project itself, and it is likely that
the new company overseeing the venture will act as a bridge toward
another potential deal.
The change of ownership for Solargen Energy’s assets means little to prospects on the project itself, and it is likely that the new company overseeing the venture will act as a bridge toward another potential deal.
A new company called PV2, LLC – along with a second one called PV2 Land Holding, LLC – acquired Solargen Energy’s assets in an agreement finalized April 19. It is headed by Norman Villarina, a venture capitalist from the Bay Area who will oversee the solar farm in Panoche Valley.
It is important to note that Villarina specializes in buying and selling distressed properties – as he explained openly to the county board of supervisors last week – and that there is no reason to believe he won’t try to do the same with the San Benito County solar farm, designed for 399 megawatts of production on nearly 5,000 acres.
That means we’re in the same place we were before the deal, aside from Villarina potentially bringing more investment clout to the table while acting as a virtual bridge toward a more permanent, stable financial outlook – perhaps toward a higher likelihood that the $1.2 billion project would obtain the necessary funding for construction.
On the downside, for transparency purposes, PV2’s standing as a limited liability company means it will have fewer legal obligations than Solargen Energy did for reporting on its intentions and financial standing. And while the company is not required to release much information about its anticipated timelines for trying to gain access to the power grid, we encourage its executives to be as open as possible about such information, and regarding other data that might not be required reporting.
Openness with county leaders and citizens would go a long way toward ensuring there is more trust in the community with PV2 than there was with Solargen.
