en.Wedoany.com Reported - CIM Group's Permanent Power Company has secured approximately $600 million in construction financing for the Grape solar-plus-storage project in California, USA. Located in the Westlands Solar Park, this US project plans to build 246.4 MW of AC photovoltaic generation capacity, paired with a 150 MW/600 MWh battery energy storage system.

The financing includes $372.3 million in construction-to-term loans, $166.7 million in tax credit transfer bridge loans, and $61.3 million in letter of credit facilities. Once operational, the project is expected to provide clean electricity to approximately 86,000 California households annually. The Grape solar-plus-storage project will also be integrated into Permanent Power Company's expanding renewable energy asset portfolio.

Permanent Power Company anticipates its project portfolio will reach 1.2 GW of AC photovoltaic capacity and 690 MW AC/2,760 MWh of energy storage capacity. With the $600 million financing secured, the Grape solar-plus-storage project will generate subsequent construction demands in areas such as photovoltaic modules, inverters, battery energy storage systems, step-up substations, grid interconnection engineering, and long-term operation and maintenance.

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