Renewable energy provider Terra-Gen, LLC says it has completed financing on the initial phase of its Edwards Sanborn Solar Storage facility in Kern County.
The Edwards Sanborn Solar Storage facility on land leased from Edwards Air Force Base and adjacent private land has 346 MWac (megawatts, alternating current) of solar modules and 1,501 MWh (megawatt hours) of battery storage, the company says in a statement.
Developers say it is expected to be the world’s largest integrated solar powered battery storage project.
Mortenson is the engineering, procurement and construction contractor on both the solar and energy storage scopes, with First Solar supplying the solar modules and LG Chem and Samsung supplying the batteries. The project currently employs more than 500 union workers and will have a peak of 750 workers on-site.
Financing for the project includes $804 million senior secured credit facilities comprising a $400 million construction and term loan facility, a $328 million tax equity bridge facility, and a $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.
“This financing allows us to complete the ongoing construction of the first phase of the Edwards Sanborn Solar Storage facility and help California meet its carbon reduction goals through the deployment of large-scale renewable energy,” Terra-Gen CEL Jim Pagano said in an Aug. 2 statement. “The truly transformative project ensures electricity reliability through the use of stand-alone and collocated energy storage.”
“We value the creativity and innovation that our financing counterparties brought to the table. Working collaboratively, we were able to structure and deliver financing on a scale not previously seen for an integrated solar and energy storage project,” said John O’Connor, Terra-Gen’s Chief Financial Officer.
