US-based independent renewable energy provider Terra-Gen has arranged funds for the second phase of its Edwards Sanborn Solar Storage facility in Kern County in the state of California.
The financing comprises a $460m construction and term loan facility, a $403m tax equity bridge facility and a $96m construction and revolving letter of credit facility.
The company has received tax equity commitment for the project from the US Bank, while BNP Paribas, CoBank, ING and Nomura Securities leading the construction and term financing.
The second phase of the Edwards Sanborn Solar Storage facility includes 410 MWac of nameplate solar capacity (358 MWac at the point of interconnection) as well as 1,786 MWh of battery storage.
The solar capability is expected to become operational in the third and fourth quarters of 2022, while the battery storage will be fully operational by the third quarter of next year.
The first phase of the project, which included 345 MW of PV and 1,505 MWh of storage, is completely operational.
Terra-Gen CEO Jim Pagano said: “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.
“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.”
Mortenson has been hired to provide full engineering, procurement and construction contract services for both the solar and energy storage scopes.
First Solar is supplying the solar modules, while LG Chem, Samsung and BYD are responsible for the batteries. The project at its peak employed more than 750 union workers on-site.
Terra-Gen has already started working on the future phases of the solar-storage project.
Once complete, the Edwards Sanborn Solar Storage franchise is expected to become the largest integrated solar powered battery storage project in the world.
