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CIM’s Permanent Power Company Closes $600M Financing for Solar Project in San Joaquin Valley
CIM Group’s Permanent Power Company has closed an approximately $600-million construction financing facility to proceed with development of Grape, its solar and energy storage project in California. The financing package includes an approximately $372.3-million construction-to-term loan, an approximately $166.7-million tax credit transfer bridge loan, and an approximately $61.3-million letter of credit facility. Truist serves as the administrative agent under the facility and Wells Fargo serves as the collateral agent.
Grape is a 246.4 MWac solar photovoltaic project with 150 MWac of battery energy storage systems located in Westlands Solar Parkin California’s San Joaquin Valley. Permanent Power recently signed a long-term power purchase agreement with an investment-grade, regulated energy service provider for the entire capacity of solar generation and battery storage at Grape.
Now under construction, Grape is expected to support more than 400 construction jobs and generate enough clean energy to power over 86,000 California homes annually.
- ◦Development
- ◦Financing

