EDF Completes Financing for 394 MWdc Solar Project in the U.S.

en.Wedoany.com Reported - On September 17, EDF power solutions North America announced the financial close of the Utah Solar 1 Energy project. The project is located in Millard County, Utah, U.S., with a direct current capacity of 394 MWdc and an alternating current capacity of 300 MWac. Following financial close, the project will enter the full construction phase and is scheduled to begin power supply in mid-2027. The project has signed a 30-year power purchase agreement with Southern California Public Power Authority, and the electricity generated will be supplied to customers of Los Angeles Department of Water and Power.

Project financing was provided by Crédit Agricole CIB, MUFG Bank, National Bank of Canada, Societe Generale and Standard Chartered. MUFG served as administrative agent, while Crédit Agricole CIB served as initial coordinating lead arranger and exclusively arranged the tax credit bridge financing corresponding to the project's production tax credits. The financing covers the multi-layered funding arrangements required for the project construction phase and incorporates the U.S. federal Production Tax Credit into the financing structure.

Utah Solar 1 is expected to generate approximately 766,000 MWh annually. At the peak of construction, approximately 400 construction workers are planned to be deployed. The long-term land lease arrangement is related to the Utah Trust Lands Administration. According to the project economic parameters disclosed by EDF, the project is expected to generate more than US$40 million in local tax revenue for Millard County over its operational period and pay approximately US$27 million in land lease revenue to the Utah Trust Lands Administration.

The project had previously completed its long-term power purchase arrangement, and this financial close advances the project from the development and financing stage to the full construction stage. The current subsequent milestones have been clearly defined as engineering construction, equipment installation, and commencement of power delivery in mid-2027. EDF's announcement did not disclose the project's EPC contractor, module supplier, inverter supplier, or total financing amount.