Financial close for World’s largest solar-plus-storage (PV+BESS) Project in USA

US renewables developer Terra-Gen LLC has achieved financial close for the first phase of the Edwards Sanbord Solar Storage project in Kern County in California, USA. 

The project will produce clean energy for more than 158,000 homes and displace more than 307,000 tons of CO2 annually. The Edwards Sanborn Solar Storage facility is composed of 346 MWac of solar modules and 1,501 MWh (megawatt hours) of battery storage. 

Financing for the project includes US$804 million senior secured credit facilities comprising a US$400 million construction and term loan facility, a US$328 million tax equity bridge facility, and a US$76 million construction and revolving letter of credit facility J.P. Morgan is providing the tax equity commitment for the initial phase of the project, with Deutsche Bank leading the construction and term financing.  

Terra-Gen expects the first 735 MWh of battery storage will be coming on-line in the third quarter of 2021 with the balance of this initial phase scheduled to be fully operational by the second quarter of 2022. Subsequent near-term phases of the project will be financed later this year and come on-line in the second half of 2022 and early 2023. When complete, the near-term phases of the Edwards Sanborn Solar Storage franchise will comprise 760 MWac of solar and 2,445 MWh of energy storage and is expected to be the world's largest integrated solar powered battery storage project.

Deutsche Bank is also sole bookrunner and joint lead arranger along with BNP Paribas and ING Capital LLC serving as joint lead arrangers. Mizuho Bank, CoBank, Kookmin Bank, Rabobank and KeyBank are lead arrangers.