Terra-Gen Closes Financing for Second Phase of Edwards Sanborn Solar Storage Franchise in California
Terra-Gen, LLC, a leading independent renewable energy provider, has completed financing on the second phase of its Edwards Sanborn Solar Storage facility in Kern County, Calif., a project that will produce clean energy for more than 164,000 homes and displace more than 320,000 tons of CO2 annually
NEW YORK, Sept. 16, 2022 /PRNewswire/ -- Terra-Gen, LLC, a leading independent renewable energy provider, has completed financing on the second phase of its Edwards Sanborn Solar Storage facility in Kern County, Calif., a project that will produce clean energy for more than 164,000 homes and displace more than 320,000 tons of CO2 annually. This phase of the Edwards Sanborn Solar Storage facility is composed of 410 MWac of (megawatts, alternating current) of nameplate solar capacity (358 MWac at the point of interconnection) and 1,786 MWh (megawatt hours) of battery storage. The first phase of the Edwards Sanborn project was financed in July 2021 and its 345 MW of PV and 1,505 MWh of storage are now fully operational.
The financing for the second phase includes $959 million senior secured credit facilities comprising a $460 million construction and term loan facility, a $403 million tax equity bridge facility, and a $96 million construction and revolving letter of credit facility. U.S. Bank is providing the tax equity commitment for the project, with BNP Paribas, CoBank, ING, and Nomura Securities leading the construction and term financing.
"Consistent with the first phase of the Edwards Sanborn project, the second phase deploys an innovate offtake structure that has been well received in the financing markets and allows us to raise the capital necessary to progress the construction of this transformative project. Once complete, Edwards Sanborn will play a significant role in helping California meet its carbon reduction goals and ensure electricity reliability through the use of stand-alone and collocated energy storage," said Jim Pagano, Terra-Gen's CEO.
Terra-Gen's Edwards Sanborn project is located in Kern County on land leased from Edwards Air Force Base as well as on adjacent private land. Mortenson is the full engineering, procurement and construction contractor on both the solar and energy storage scopes with First Solar supplying the solar modules and LG Chem, Samsung and BYD supplying the batteries. The project at its peak employed more than 750 union workers on-site.
