US independent power producer (IPP) Terra-Gen has closed financing for its 205MW Lockhart III & IV solar PV project in San Bernadino County, California.
The financing consists of US$383.3 million, split between a US$236.1 million tax equity bridge loan, a US$107.5 million construction and term loan and US$39.7 million of unfunded facilities. Financing comes from a group of banks: the Crédit Agricole Corporate and Investment Bank, ING, NORD/LB and U.S. Bancorp Impact finance, a subsidiary of U.S. Bank.
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“The financing of our Lockhart project marks another significant milestone in advancing our renewable energy portfolio and strengthening our position in one of the most dynamic renewable energy markets in the country,” said Terra-Gen CEO John O’Connor.
Terra-Gen started construction on the Lockhart III & IV project earlier this year and aims to begin commercial operation in 2026. Engineering, procurement and construction (EPC) firm Cupertino Electric will install modules supplied by US manufacturer First Solar, which in October announced plans to open a new US manufacturing plant next year.
The Lockhart III & IV project is being built adjacent to the first two phases of the Lockhart facility, which, upon completion, will consist of 160MW of solar PV capacity. The Lockhart II project also includes a 45MW 4-hour standalone battery energy storage system (BESS), alongside 129MW of co-located storage, currently under construction.
The news follows the acquisition of Terra-Gen by Emirati state-owned clean energy company Masdar, which was completed in October. At the time of the acquisition, Masdar owned 1.4GW of solar, storage and wind assets in the US, to which it has now added Terra-Gen’s 3.9GW operating portfolio of the same technologies.
