CIM Group closes debt and tax financing for 250 MW Aquamarine solar PV project

CIM Group has closed the debt and equity financing for its planned 250 MW solar photovoltaic project that is part of the 2.7 GW Westlands Solar Park in California. 

The Aquamarine solar project is the first phase of the solar complex planned in San Joaquin Valley in western Fresno and Kings Counties. CIM Group secures financing from Deutsche Bank. It has also sealed a power purchase agreement (PPA) with the electric municipal utility of the City of Santa Clara, Silicon Valley Power. The deal covers the renewable energy credits (REC) of 75 MW from the solar plant. CIM Group has also executed a PPA with Valley Clean Energy Alliance for 50 MW of its capacity. 

CIM Group is repurposing selenium-contaminated and drainage-impaired farmland for the development of clean energy in the solar complex. The Westlands Solar Park project has garnered strong support from environmental communities including the Sierra Club, NRDC, Defenders of Wildlife, and the Center for Biological Diversity.