Meanwhile, Capital Dynamics said that it has secured tax equity investment on a 60MW / 240MWh battery energy storage system (BESS), which is being retrofitted to a 280MWac solar PV plant and for which the off taker is consumer tech giant Apple.Ĭapital Dynamics’ California Flats BESS is being constructed at the site of the solar PV plant of the same name at Jack Ranch, on land owned by the Hearst Corporation in Central California’s San Luis Obispo and Monterey counties. Apple’s 240MWh California BESS gets tax equity investment Already employing more than 500 people onsite, around 750 people will work on the project at its construction peak.
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JP Morgan led the tax equity financing while Deutsche Bank led construction and term financing.Īlong with Mortenson, which is the full engineering, procurement and construction (EPC) partner for the Edwards Sanborn project, Terra-Gen is working with battery module suppliers LG Chem and Samsung as well as solar module supplier First Solar. Terra-Gen said financing includes US$804 million of senior secured credit facilities, which comprises construction and term loans worth US$400 million, a US$328 million tax equity bridge facility and a US$76 million construction and revolving letter of credit facility. Subsequent phases will be financed later this year, with expected commissioning dates for the second half of 2022 and the beginning of 2023. At the moment, the largest battery storage project under construction to be integrated with solar at the same site is thought to be Florida Power & Light’s 409MW / 900MWh Manatee project.īy the second quarter of 2022, the first 1,501MWh phase of battery deployment should be online, along with 346MW of solar. However, in Monday’s press release the developer said the near-term phases of the project franchise will include 760MWac of solar and 2,445MWh of energy storage, with the first 735MWh of battery storage expected to come online in the third quarter of this year. As work began on the project in December 2020, Terra-Gen and its construction partner Mortenson gave figures of 1,118MW of solar PV and 2,165MWh of battery storage for its planned capacity. Terra-Gen said on Monday (2 August) that financing has been completed for the first phase of what looks set to be the world’s largest solar-plus-storage project, Edwards Sanborn Solar Storage facility, in California’s Kern County. Financing has been secured for two projects that will add nearly a gigawatt-hour of battery storage at California solar power facilities this year, by renewable energy company Terra-Gen and private asset management firm Capital Dynamics.