Terra-Gen Completes $1 Billion Loans for Edwards Sanborn Phase Two

Developer Terra-Gen has closed US$969 million in project financing for the second phase of the Edwards Sanborn Solar-plus-Storage facility in California, which will take it to 3,291 MWh of storage capacity. energy.

The $959 million financing includes a US$460 million construction and term loan facility and a US$96 million revolving letter of credit and construction facility, led by BNP Paribas, CoBank, ING and Nomura Securities, as well as a US$403 million tax equity bridge. US Bank facility.

The Edwards Sanborn Solar-plus-Storage facility in Kern County will total 755 MW of solar PV alongside battery energy storage when the second phase comes online in Q3-Q4 2022 and Q3 2023. It combines both stand-alone battery storage and batteries that charge PV.

The first phase went live late last year, as reported Energy-Storage.news, which means that 345 MW of PV and 1,505 MWh are already operational. The second phase will add 410 MW of solar photovoltaic panels (358 MW at the interconnection point) and 1,786 MWh of battery storage.

Solar PV is expected to come online in Q4 2022 and battery storage is expected to be fully operational in Q3 2023.

Mortenson provides engineering, procurement and construction (EPC) services for solar and energy storage. First Solar supplies the solar modules and LG Chem, Samsung and BYD supply the batteries.

Unsurprisingly for a project of this size and scope, the eventual total size and capacity has changed several times since it was first announced and a third phase has now been announced, making the combined site even bigger. The energy storage component has been increased several times and appears to continue to grow, while the solar may have been reduced or delayed.

Of a projected total of 1,118 MW of solar power and 2,165 MWh of energy storage when first announced in December 2020, Terra-Gen said it is now advancing development on future phases which will include more than 2,000 MW of additional solar power and energy storage. These future phases will be funded in 2023 and will begin to go live in 2024.

Jim Pagano, CEO of Terra-Gen, said, “In line with the first phase of the Edwards Sanborn project, the second phase is rolling out an innovative levy structure that has been well received in the funding markets and allows us to raise the necessary capital. to advance the construction of this transformative project.

Buyers for the project include coffeehouse chain Starbucks and Clean Power Alliance (CPA), one of California’s growing Community Choice Aggregator (CCA) groups.

The investor-owned utility PG&E also purchases a significant portion – 169 MW / 676 MWh – of the project’s power through California ISO’s Resource Adequacy Framework (CAISO), the means by which CAISO guarantees that utilities have sufficient supply to meet demand (with a reserve margin) .

Previous Chintz, Turkish and Gota: talking about craftsmanship with Arjan Dugal
Next Comal County Fair Kicks Off with Show Judging | Community alert