Idemitsu Completes Financing for 50 MW Solar Project in California

Idemitsu Renewables has announced that it has closed on debt financing for its 50 MWp Central 40 solar project in Stanislaus County, California.

Idemitsu Renewables, formerly Solar Frontier Americas, which is now the US-based renewable energy business of Idemitsu Kosan Co., Ltd, has announced that it has closed on debt financing for its 50 MWp Central 40 solar project in Stanislaus County, California.

Debt financing was provided by KeyBank National Association. KeyBanc Capital Markets served as sole arranger of the financing.

“This project expands Idemitsu Renewables’ operating business in California,” said Cary Vandenberg, Managing Director of Idemitsu Renewables. “We were happy to build upon our existing relationship with KeyBank and to close a successful transaction even amidst the difficulty of the current COVID environment.”

The renewable power generated by Central 40 will be sold through a power purchase agreement with Silicon Valley Power, which serves the City of Santa Clara.

“As a part of our continuing support for renewable energy, we are pleased to support the growth of Idemitsu Renewables’ solar business in California,” said Andrew Redinger, Manager Director & Group Head, Utilities Power & Renewables at KeyBanc Capital Markets.

Recently, we had reported that financial holding company CIT Group through its Power and Energy unit had arranged USD 85 million financings for an 80 MW Pioneer Solar project located in Colorado. It had served as the sole lead arranger for financing on behalf of project sponsor Idemitsu Renewables. According to the agreement, this project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative in Colorado.

In December, then Solar Frontier Americas had announced that it had closed on the tax equity commitment and debt financing for its 210 MW Mustang Two solar project in Kings County, California. Located on a 1,400-acre site, the Mustang Two project is currently under construction and is slated to begin commercial operation the syear. Once complete, the project will be owned and operated by Solar Frontier Americas.