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HomeBlogTerra-Gen Finances 410 MW Second Phase of Solar, Energy Storage Facility

Terra-Gen Finances 410 MW Second Phase of Solar, Energy Storage Facility

Terra-Gens EdSan 1A solar project on Edwards Air Force Base in Kern County, Calif. Independent renewable resource provider Terra-Gen LLC has actually completed financing on the 2nd stage of its Edwards Sanborn Solar Storage center in Kern County, Calif. This stage of the Edwards Sanborn Solar Storage center is composed of 410 MW AC of nameplate solar capability (358 MW AC at the point of affiliation) and 1,786 MWh of battery storage. The first stage of the Edwards Sanborn task was funded in July 2021, and its 345 MW of solar and 1,505 MWh of storage are now completely operational. The funding for the second stage consists of $959 million senior protected credit centers comprising a $460 million building and term loan center, a $403 million tax equity bridge center, and a $96 million building and construction and revolving letter of credit center. U.S. Bank is providing the tax equity dedication for the project, with BNP Paribas, CoBank, ING and Nomura Securities leading the building and construction and term funding. “Consistent with the first phase of the Edwards Sanborn job, the second stage releases an innovate offtake structure that has actually been well gotten in the financing markets and enables us to raise the capital essential to progress the building of this transformative project,” states Jim Pagano, Terra-Gens CEO. “Once complete, Edwards Sanborn will play a significant role in helping California satisfy its carbon decrease goals and guarantee electrical power dependability through making use of stand-alone and collocated energy storage.” Terra-Gens Edwards Sanborn job is situated in Kern County on land leased from Edwards Air Force Base in addition to on nearby personal land. Mortenson is the complete engineering, procurement and building and construction professional on both the solar and energy storage scopes with First Solar providing the solar modules and LG Chem, Samsung and BYD supplying the batteries. Terra-Gen anticipates the solar part of the second phase to come on-line in the fourth and 3rd quarters of 2022 with the battery storage arranged to be fully functional by the third quarter of 2023. Terra-Gen is advancing advancement on future stages of this job that will include over 2,000 MW of incremental solar and energy storage to be adjoined to the CAISO grid. Subsequent phases will begin to be funded in 2023 and start to come on-line in 2024.

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