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Permanent Power Company has secured US$600 million in construction financing for a solar-plus-storage project in California, US.
The Grape project, situated in California’s San Joaquin Valley and within the 20,000-acre Westlands Solar Park, consists of 246.4MW of solar PV and a 150MW/600MWh battery energy storage system. It is currently under construction.
The project recently entered into a long-term power purchase agreement with an undisclosed regulated energy service provider, covering the entire output of both its solar generation and energy storage.
The financing package includes a construction-to-term loan of nearly US$372.3 million, a tax credit transfer bridge loan of approximately $166.7 million, and a letter of credit facility of about $61.3 million. Truist, a US-based bank, acted as administrative agent, while Wells Fargo served as collateral agent.
Avi Shemesh, Co-Founder and Principal at CIM Group, stated that this financing represents a significant milestone for Permanent Power Company, demonstrating the trust its capital partners have in its capacity to develop and deliver large-scale power and storage projects. He highlighted that the Grape project is especially noteworthy because an investment-grade offtaker committed to a long-term PPA for its full solar and storage capacity before completion, emphasizing the project’s quality and the company’s platform strategy.
Permanent Power Company was launched last month by US real estate investment firm CIM Group, with an initial portfolio of 1.2GW of solar PV—over half already operational—and 690MW/2,760MWh of BESS, of which 360MW/1,440MWh is operational. At its launch, the platform also secured a US$400 million financing commitment from HPS Investment Partners, a part of global asset manager BlackRock.
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