Terra-Gen arranges funds for Phase 2 of massive solar-storage project
- US independent renewable resource supplier Terra-Gen LLC stated today it has actually shut a USD-959-million (EUR 963.4 m) financing for the 2nd phase of its Edwards Sanborn Solar Storage facility in California.
The second-phase project has a solar energy producing capacity of 410 MW plus 1,786 MWh of battery storage. It will certainly add this to the 345 MW of solar photovoltaic (PV) and 1,505 MWh of storage capacity deployed as part of the very first phase, now fully operational.
The solar-plus-storage complicated is located in Kern County ashore rented from Edwards Air Force Base as well as on nearby private land. The solar section of the 2nd phase is seen to end up being operational by the end of the year, while the batteries should be completely functional by the third quarter of 2023.
The secured funding contains a USD-460-million building and construction and also term car loan center, a USD-403-million tax equity bridge center and also a USD-96-million building and construction and also rotating letter of credit center. The tax equity commitment originates from US Bank, while BNP Paribas, CoBank, ING as well as Nomura Securities lead the construction as well as term funding.
"Regular with the very first phase of the Edwards Sanborn project, the 2nd phase releases an innovate offtake framework that has been well obtained in the financing markets and also enables us to increase the capital needed to proceed the building and construction of this transformative project," commented Jim Pagano, Terra-Gen's CEO.
Mortenson is offering full engineering, purchase and building (EPC) services for Phase Two, while First Solar is providing PV panels and LG Chem, Samsung and also BYD are supplying the batteries.
Terra-Gen noted that in the future phases of this massive project, which it is currently advancing, it anticipates to deploy greater than 2,000 MW of step-by-step solar and power storage. Funding for these phases ought to be obtained from following year.
