US$600 million construction financing facility closed to proceed with development of 246.4 MWac solar Park in USA

CIM Group’s Permanent Power Company, a national power platform, announced that it has closed an approximately US$600 million construction financing facility to proceed with development of its solar and energy storage project in California (“Grape”). The financing package includes an approximately US$372.3 million construction-to-term loan, an approximately US$166.7 million tax credit transfer bridge loan, and an approximately US$61.3 million letter of credit facility. Truist serves as the administrative agent under the facility and Wells Fargo serves as the collateral agent.

Grape is a 246.4 MWac solar photovoltaic (PV) project with 150 MWac (600 MWh) of battery energy storage systems (BESS) located in Westlands Solar Park, one of the largest permitted solar parks in the U.S. encompassing more than 20,000 acres in California’s San Joaquin Valley. The Company recently signed a long term power purchase agreement (PPA) with an investment-grade, regulated energy service provider for the entire capacity of solar generation and battery storage at Grape.

Now under construction, Grape is expected to support more than 400 construction jobs and generate enough clean energy to power over 86,000 California homes annually.