CIM Group’s Permanent Power Company has closed an approximately $600 million construction financing facility to proceed with development of its solar and energy storage project in California, Grape. 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 megawatt AC (MWac) solar photovoltaic (PV) project with 150 MWac / 600 megawatt hours (MWh) of battery energy storage systems (BESS) located in Westlands Solar Park, one of the largest permitted solar parks in the U.S., encompassing more than 20,000 acres in California’s San Joaquin Valley. The company recently signed a long-term power purchase agreement (PPA) with an investment-grade, regulated energy service provider for the entire capaci
