Permanent Power Company, a national power platform backed by CIM Group, has closed a $600 million financing package to construct a 246-megawatt solar and battery storage facility in California. The project, fully contracted under a long-term power purchase agreement, highlights robust institutional capital deployment in the state's renewable energy sector.
Permanent Power Company, a renewable energy development platform owned by CIM Group, a real estate and infrastructure investment firm, finalized a $600 million construction financing package for the Grape project in California. According to official disclosures, the capital stack includes a $372.3 million construction-to-term loan, a $166.7 million tax credit transfer bridge loan, and a $61.3 million letter of credit, with Truist and Wells Fargo acting as agents.
The 246.4 MWAC solar and 150 MWAC (600 MWH) battery energy storage system (BESS) is situated in the Westlands Solar Park. Securing a 100% long-term power purchase agreement with an investment-grade utility prior to construction de-risks the asset and reflects strong institutional appetite for fully contracted renewable infrastructure in high-demand markets like the San Joaquin Valley.
This financing accelerates the platform's broader portfolio, which targets 1,200 MWAC of solar and 690 MWAC of BESS across U.S. rural opportunity zones. For investors, the successful syndication of a complex tax credit bridge loan demonstrates maturing capital markets for renewable energy tax equity, facilitating faster deployment of utility-scale storage and generation assets to meet regional grid reliability needs.
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