Impartial renewable power supplier Terra-Gen LLC has accomplished financing on the second section of its Edwards Sanborn Photo voltaic Storage facility in Kern County, Calif.
This section of the Edwards Sanborn Photo voltaic Storage facility consists of 410 MW AC of nameplate photo voltaic capability (358 MW AC on the level of interconnection) and 1,786 MWh of battery storage.
The primary section of the Edwards Sanborn mission was financed in July 2021, and its 345 MW of photo voltaic and 1,505 MWh of storage at the moment are absolutely operational.
The financing for the second section contains $959 million senior secured credit score services comprising a $460 million building and time period mortgage facility, a $403 million tax fairness bridge facility, and a $96 million building and revolving letter of credit score facility. U.S. Financial institution is offering the tax fairness dedication for the mission, with BNP Paribas, CoBank, ING and Nomura Securities main the development and time period financing.
“In line with the primary section of the Edwards Sanborn mission, the second section deploys an innovate offtake construction that has been nicely obtained within the financing markets and permits us to lift the capital essential to progress the development of this transformative mission,” says Jim Pagano, Terra-Gen’s CEO. “As soon as full, Edwards Sanborn will play a big position in serving to California meet its carbon discount targets and guarantee electrical energy reliability by way of the usage of stand-alone and collocated power storage.”
Terra-Gen’s Edwards Sanborn mission is situated in Kern County on land leased from Edwards Air Drive Base in addition to on adjoining non-public land. Mortenson is the complete engineering, procurement and building contractor on each the photo voltaic and power storage scopes with First Photo voltaic supplying the photo voltaic modules and LG Chem, Samsung and BYD supplying the batteries.
Terra-Gen expects the photo voltaic portion of the second section to come back on-line within the third and fourth quarters of 2022 with the battery storage scheduled to be absolutely operational by the third quarter of 2023. Terra-Gen is advancing improvement on future phases of this mission that can embody over 2,000 MW of incremental photo voltaic and power storage to be interconnected to the CAISO grid. Subsequent phases will start to be financed in 2023 and start to come back on-line in 2024.