US crew financial resources 346MW California PV plus storage space
- Terra-Gen protects funds for initial stage of the Edwards Sanborn project in Kern count
US renewables supplier Terra-Gen has actually finished financing on the first 346MW phase of its Edwards Sanborn solar plus storage space center in California.
Funding consists of $804m elderly safeguarded credit facilities comprising a $400m building and construction and term lending facility, a $328m tax obligation equity bridge facility, and also a $76m construction as well as revolving letter of credit facility.
JP Morgan is providing the tax equity commitment for the first phase of the project, with Deutsche Bank leading the building and construction and term funding.
The project, located in Kern County ashore leased from Edwards Air Force Base, will certainly have 1501 megawatt-hours of battery storage.
Mortenson is the complete design, procurement as well as construction service provider on both the solar and power storage space scopes with First Solar supplying the solar components and LG Chem and Samsung supplying the batteries.
The project presently uses more than 500 union employees as well as will have a top of 750 employees on-site.
Terra-Gen expects the very first 735MWh of battery storage will be coming online in the third quarter of 2021 with the balance of this initial stage set up to be completely functional by the second quarter of 2022.
Subsequent near-term stages of the project will be funded later on this year and also come on-line in the second half of 2022 as well as early 2023.
When total, the near-term phases of the Edwards Sanborn Solar Storage space franchise will consist of 760MW of solar and also 2445MWh of energy storage space.
Terra-Gen chief executive Jim Pagano said: "This funding allows us to finish the continuous building of the initial stage of the Edwards Sanborn solar storage space facility and assistance California satisfy its carbon reduction objectives via the release of large-scale renewable energy.
" The genuinely transformative project makes sure electrical power integrity via making use of stand-alone and also collocated energy storage."
Terra-Gen principal financial officer John O'Connor claimed: "We value the creative thinking as well as advancement that our funding counterparties offered the table.
" Functioning collaboratively, we had the ability to structure as well as supply financing on a scale not formerly seen for an integrated solar as well as energy storage project."
Deutsche Bank is additionally sole bookrunner and also joint lead arranger along with BNP Paribas as well as ING Resources acting as joint lead arrangers.
Mizuho Bank, CoBank, Kookmin Bank, Rabobank and also KeyBank are lead arrangers.