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CIM Group, a US real estate investment firm, has introduced a new energy platform with an initial portfolio comprising solar photovoltaic and battery energy storage system assets. Named Permanent Power Company, the platform was launched with 1.2 gigawatts of solar PV capacity—of which 652 megawatts is operational—and 690 megawatts/2,760 megawatt-hours of battery storage, with 360 megawatts/1,440 megawatt-hours already in operation. According to the source, the company also has a solar-plus-storage project called Grape under construction in California, for which a long-term power purchase agreement was recently secured with an undisclosed regulated energy service provider. The Grape project will consist of 246 megawatts of solar PV and 150 megawatts/600 megawatt-hours of battery storage, with the offtake agreement covering the entire output.
Another solar-plus-storage project, named Daylight, is construction-ready and located in California’s San Joaquin Valley. It will pair 550 megawatts of solar PV with 330 megawatts/1,320 megawatt-hours of battery storage. In addition to the solar and storage assets, Permanent Power Company holds 15 miles of transmission infrastructure in California. The CIM Group stated that consolidating operational solar and battery assets with transmission infrastructure and development-stage projects under a single platform is intended to improve operational efficiency, offer financing flexibility, and create a foundation for national expansion.
The energy platform plans to continue developing, acquiring, and operating power projects across the United States, with a strategic focus on assets in qualified rural Opportunity Zones—designated areas created in 2017 to encourage economic growth and job creation in low-income communities while offering tax benefits to investors. To support the platform’s scale-up, Permanent Power Company secured a $400 million financing commitment from HPS Investment Partners, a firm within global asset manager BlackRock. This financing is expected to accelerate development of the Grape and Daylight projects and provide resources for acquiring future projects.
Avi Shemesh, co-founder and principal at CIM Group, characterized Permanent Power Company as a power platform focused on long-term growth, stable energy supply, domestic power generation, energy storage, and transmission. He noted that securing a significant, long-term power purchase agreement with the regulated power division of a $200 billion global energy supermajor underscores the platform’s momentum and its ability to deliver power at scale.
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