Private equity firm Younan Company has unveiled plans for an 880MW solar-plus-storage project in California, marking its entry into utility-scale solar PV in the US.
Located in East Kern County, the Soleil Renewable Energy project will be developed by a subsidiary of the same name and will be paired with a 460MW battery energy storage system (BESS).
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Construction of the solar-plus-storage is expected to begin within the next 18 months, following the completion of environmental reviews and permitting. Commercial operation of the project is targeted for mid-2028. Once operational, the company forecasts an annual gross revenue of US$100 million for the project.
According to Younan Company, the interconnection process is underway with both the California Independent System Operator (CAISO) and the Los Angeles Department of Water and Power.
California remains the leading state in terms of cumulative installed solar PV, according to data from trade body the Solar Energy Industries Association (SEIA). California has more than 54GW of installed solar PV across all sectors—utility-scale, residential, commercial and industrial (C&I) and community solar—and is forecast to add 22GW of new capacity over the next five years.
Moreover, California is one of the leading states in adding new solar PV and energy storage capacity to the grid in the coming years. To ensure that renewable energy projects do not lose any tax credits once promised by the Inflation Reduction Act (IRA), California governor Gavin Newsom signed an executive order last September that would accelerate the permitting of energy generation projects.
