Terra-Gen Funds 410 MW Second Part of Solar, Vitality Storage Facility

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Terra-Gen’s EdSan 1A solar undertaking on Edwards Air Force Base in Kern County, Calif.

Independent renewable energy supplier Terra-Gen LLC has accomplished financing on the second part of its Edwards Sanborn Solar Storage facility in Kern County, Calif.

This part of the Edwards Sanborn Solar Storage facility consists of 410 MW AC of nameplate solar capability (358 MW AC on the level of interconnection) and 1,786 MWh of battery storage.

The first part of the Edwards Sanborn undertaking was financed in July 2021, and its 345 MW of solar and 1,505 MWh of storage at the moment are totally operational.

The financing for the second part contains $959 million senior secured credit score amenities comprising a $460 million building and time period mortgage facility, a $403 million tax fairness bridge facility, and a $96 million building and revolving letter of credit score facility. U.S. Bank is offering the tax fairness dedication for the undertaking, with BNP Paribas, CoBank, ING and Nomura Securities main the development and time period 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,” says Jim Pagano, Terra-Gen’s CEO. “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.”

Terra-Gen’s Edwards Sanborn undertaking is positioned in Kern County on land leased from Edwards Air Force Base in addition to on adjoining personal land. Mortenson is the total engineering, procurement and building contractor on each the solar and energy storage scopes with First Solar supplying the solar modules and LG Chem, Samsung and BYD supplying the batteries.

Terra-Gen expects the solar portion of the second part to return on-line within the third and fourth quarters of 2022 with the battery storage scheduled to be totally operational by the third quarter of 2023. Terra-Gen is advancing growth on future phases of this undertaking that may embody over 2,000 MW of incremental solar and energy storage to be interconnected to the CAISO grid. Subsequent phases will start to be financed in 2023 and start to return on-line in 2024.

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