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Financing reached for second phase of 3.3GWh storage capacity site

September 21, 2022

Energy Storage News:

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

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

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

The first phase came online late last year, as reported by Energy-Storage.news, meaning 345 MW of PV and 1,505 MWh are already operational. The second phase will add 410MW of nameplate solar PV (358MW at the point of interconnection) and 1,786 MWh of battery storage.

[Cameron Murray]

More: Terra-Gen closes US$1 billion financing for second phase of world’s largest solar-plus-storage project

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