en.Wedoany.com Reported - Permanent Power Company, a subsidiary of CIM Group, has raised approximately $600 million in project construction financing to advance its Grape solar and energy storage project in California.

The financing supports the construction of the Grape project at the Westlands Solar Park in the San Joaquin Valley. The project includes a 246.4 MWac solar photovoltaic power plant and a battery energy storage system with a capacity of 150 MWac/600 MWh. Spanning over 20,000 acres, the Westlands Solar Park is one of the largest permitted solar parks in the United States.

The financing package consists of $372.3 million in construction loans, $166.7 million in tax credit bridge loans, and $61.3 million in letter of credit facilities. Truist serves as the administrative agent, and Wells Fargo has been appointed as the collateral agent for the financing.

The Grape project is currently under construction and is expected to create over 400 construction jobs. The project can power more than 86,000 households annually in California. All of its generation and storage capacity has been secured under a long-term power purchase agreement with an investment-grade, regulated energy service provider.

Upon completion, the project will join Permanent Power Company's portfolio, which currently plans approximately 1,200 MWac of solar photovoltaic power generation and 690 MWac (2.76 GWh) of battery energy storage systems. Avi Shemesh, co-founder and principal of CIM Group, stated that this financing is a milestone for the company, reflecting capital partners' confidence in its ability to develop and deliver large-scale power generation and storage projects. He noted that the Grape project highlights its strength, as an investment-grade offtaker signed a long-term power purchase agreement covering the entire capacity before completion.

Last month, Permanent Power Company secured $400 million in financing commitments from funds and accounts managed by HPS Investment Partners (BlackRock's private financing solutions business) to support the company's development of power, storage, and transmission projects across the United States, with a focus on assets in eligible rural opportunity zones.

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