{"id":2453,"date":"2021-07-30T12:00:00","date_gmt":"2021-07-30T12:00:00","guid":{"rendered":"https:\/\/mojave.gold\/terra-gen\/?p=2453"},"modified":"2023-06-06T19:05:32","modified_gmt":"2023-06-06T19:05:32","slug":"news-release","status":"publish","type":"post","link":"https:\/\/mojave.gold\/terra-gen\/news-release\/","title":{"rendered":"Terra-Gen Closes Financing for First Phase of Edwards Sanborn Solar Storage Facility in California"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2453\" class=\"elementor elementor-2453\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3ba9ae4 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"3ba9ae4\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-be93a11\" data-id=\"be93a11\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6153cff elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"6153cff\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.2 - 23-04-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Terra-Gen Closes Financing for First Phase of Edwards Sanborn Solar Storage Facility in California<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0f74c6b elementor-reverse-tablet elementor-reverse-mobile elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"0f74c6b\" data-element_type=\"section\" data-settings=\"{&quot;shape_divider_top_negative&quot;:&quot;yes&quot;,&quot;shape_divider_top&quot;:&quot;curve-asymmetrical&quot;,&quot;background_background&quot;:&quot;slideshow&quot;,&quot;shape_divider_bottom&quot;:&quot;curve-asymmetrical&quot;,&quot;shape_divider_bottom_negative&quot;:&quot;yes&quot;,&quot;background_slideshow_gallery&quot;:[],&quot;background_slideshow_loop&quot;:&quot;yes&quot;,&quot;background_slideshow_slide_duration&quot;:5000,&quot;background_slideshow_slide_transition&quot;:&quot;fade&quot;,&quot;background_slideshow_transition_duration&quot;:500}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-shape elementor-shape-top\" data-negative=\"true\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M615.2,96.7C240.2,97.8,0,18.9,0,0v100h1000V0C1000,19.2,989.8,96,615.2,96.7z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" data-negative=\"true\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M615.2,96.7C240.2,97.8,0,18.9,0,0v100h1000V0C1000,19.2,989.8,96,615.2,96.7z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-239eae8\" data-id=\"239eae8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-749aec3 elementor-widget__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"749aec3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.2 - 23-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Terra-Gen, LLC, a leading independent renewable energy provider, has completed financing on the initial phase of its Edwards Sanborn Solar Storage facility in Kern County, CA, a project that will produce cleanenergy for more than 158,000 homes and displace more than 307,000 tons of CO2 annually. The Edwards Sanborn Solar Storage facility is composed of 346 MWac (megawatts, alternating current) of solar modules and 1,501 MWh (megawatt hours) of battery storage.<\/p>\n<p>Financing for the project includes $804 million senior secured credit facilities comprising a $400 million construction and term loan facility, a $328 million tax equity bridge facility, and a $76 million construction and revolving letter of credit facility. JP Morgan is providing the tax equity commitment for the initial phase of the project, with Deutsche Bank leading the construction and term financing.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-6571 alignright\" src=\"https:\/\/mojave.gold\/terra-gen\/wp-content\/uploads\/2023\/01\/SBESS-02-1024x683.png\" alt=\"\" width=\"800\" height=\"534\" srcset=\"https:\/\/mojave.gold\/terra-gen\/wp-content\/uploads\/2023\/01\/SBESS-02-1024x683.png 1024w, https:\/\/mojave.gold\/terra-gen\/wp-content\/uploads\/2023\/01\/SBESS-02-300x200.png 300w, https:\/\/mojave.gold\/terra-gen\/wp-content\/uploads\/2023\/01\/SBESS-02-768x512.png 768w, https:\/\/mojave.gold\/terra-gen\/wp-content\/uploads\/2023\/01\/SBESS-02-1536x1024.png 1536w, https:\/\/mojave.gold\/terra-gen\/wp-content\/uploads\/2023\/01\/SBESS-02-2048x1365.png 2048w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\u201cThis financing allows us to complete the ongoing construction of the first phase of the Edwards Sanborn Solar Storage facility and help California meet its carbon reduction goals through the deployment of large-scale renewable energy,\u201d said Jim Pagano, Terra-Gen\u2019s CEO. \u201cThe truly transformative project ensures electricity reliability through the use of stand-alone and collocated energy storage.\u201d<\/p>\n<p>The Edwards Sanborn project is in Kern County on land leased from Edwards Air Force Base as well as on adjacent private land. Mortenson is the full engineering, procurement and construction contractor on both the solar and energy storage scopes with First Solar supplying the solar modules and LG Chem and Samsung supplying the batteries. The project currently employs more than 500 union workers and will have a peak of 750 workers on-site.<\/p>\n<p>Terra-Gen expects the first 735 MWh of battery storage will be coming on-line in the third quarter of 2021 with the balance of this initial phase scheduled to be fully operational by the second quarter of 2022. Subsequent near-term phases of the project will be financed later this year and come on-line in the second half of 2022 and early 2023. When complete, the near-term phases of the Edwards Sanborn Solar Storage franchise will comprise 760 MWac of solar and 2,445 MWh of energy storage and is expected to be the world\u2019s largest integrated solar powered battery storage project.<\/p>\n<p>\u201cWe value the creativity and innovation that our financing counterparties brought to the table. Working collaboratively, we were able to structure and deliver financing on a scale not previously seen for an integrated solar and energy storage project,\u201d said John O\u2019Connor, Terra-Gen\u2019s chief financial officer.<br \/>Deutsche Bank is also sole bookrunner and joint lead arranger along with BNP Paribas and ING Capital LLC serving as joint lead arrangers. Mizuho Bank, CoBank, Kookmin Bank, Rabobank and KeyBank are lead arrangers.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Terra-Gen Closes Financing for First Phase of Edwards Sanborn Solar Storage Facility in California Terra-Gen, LLC, a leading independent renewable energy provider, has completed financing on the initial phase of its Edwards Sanborn Solar Storage facility in Kern County, CA, a project that will produce cleanenergy for more than 158,000 homes and displace more than [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[4],"tags":[],"class_list":["post-2453","post","type-post","status-publish","format-standard","hentry","category-media-room"],"_links":{"self":[{"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/posts\/2453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/comments?post=2453"}],"version-history":[{"count":0,"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/posts\/2453\/revisions"}],"wp:attachment":[{"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/media?parent=2453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/categories?post=2453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mojave.gold\/terra-gen\/wp-json\/wp\/v2\/tags?post=2453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}