At Westlands Solar Park in California, CIM Group has announced the finalization and commercial functioning of the very first 125MW portion of the 250MW Aquamarine solar PV project. The project is presently producing electricity to meet its power purchase agreements (PPAs) with the Silicon Valley Power and Valley Clean Energy Alliance, which were previously signed. According to the business, the aquamarine and future stages of Westlands Solar Park are actively discussing further PPAs with other possible counterparties.
Cal-ISO was given permission by Pacific Gas and Electric to link Aquamarine to power grid, allowing the commercial operation to begin. Aquamarine was then given permission by Cal-ISO to commence synchronization and a power generation demonstration project that would provide power to the grid. Aquamarine officially commenced commercial operations on September 17 after a successful several-week test period.
According to CIM, the second 125MW phase of Aquamarine will be completed and operational by the close of the year. “Bringing sustainable solar energy to California from the Aquamarine is a critical milestone in realizing the full potential of the 20,000-acre Westlands Solar Park,” said Avi Shamesh, who is the CIM Group co-founder as well as principal. Westlands Solar Park, which is one of the biggest solar initiatives in the United States, will have the capability to implement 2.7GW of renewable energy when fully operational, providing a significant resource to businesses and utilities working on cutting carbon emissions and meeting California’s renewable energy goals.”
CIM Group is a commercial real estate investment firm that works with huge organizations such as pension funds. The corporation owns $29.2 billion in commercial property as of December 31, 2020. Richard Ressler, Shaul Kuba, and Avi Shemesh formed the firm in 1994. Shemesh and Kuba are childhood friends who moved to the U.S. from Israel in the 1980s and started a landscaping company. Ressler, a former Drexel Burnham Lambert investment banker, would become a landscaping customer before joining the company to invest in real estate.
The facility for Hollywood & Highland, which contained the Tiffany Theater, was purchased by the business in 2004. It rebuilt the site and sold it for $325 million in 2019; however, the Dolby Theatre on the property was not sold. Most of Third Street Promenade was built by the firm in the early 2000s. The Marriott Wardman Park hotel was purchased from the Thayer Lodging Group for approximately $300 million in 2005, thanks to cooperation with JBG Smith.
The BB&T Center was purchased for $117 million in February 2007. As part of a $412 million transaction from the Brandywine Realty Trust in October 2008, the firm purchased the Ordway Building, Oakland’s tallest building. The 88, the highest skyscraper in San Jose, California, was built by the business in 2008. It transferred the property to the Arden Group for about $148.8 million in June 2017.