Pacifico Power Clears $93mm in Total Transaction Value in Its First Multiphase Tax Equity Financing of Key Distributed Energy Projects in Partnership With Sumitomo Corporation and Mitsubishi UFJ Financial Group
2024年6月27日 - 11:00PM
ビジネスワイヤ(英語)
The combined $29mm construction-to-permanent debt facility,
$24mm transferability bridge financing, and $40mm tax equity
commitment will support Pacifico’s 27 MW solar + 25 MWh battery
storage portfolio in California and Massachusetts, USA
Pacifico Energy Group, through its US-focused renewable power
development, energy services and financing subsidiary, Pacifico
Power (“Pacifico”), has partnered with Sumitomo Corporation,
through Sumitomo Corporation of Americas (“SCOA”), to finance a
portfolio of solar photovoltaic (PV) plus battery energy storage
system (BESS) projects.
Pacifico secured $40 million in project tax equity funding from
SCOA for a portfolio totaling 27 MW of solar PV and 25 MWh of
battery storage located in California and Massachusetts. The
projects will provide customers an estimated cost savings of more
than $46 million over the course of the portfolio’s useful
lifetime.
SCOA will act as a tax equity partner, while Pacifico will
remain a sponsor owner and operator of the projects. This will be
SCOA’s first investment in distributed generation and signals the
group’s continued commitment to renewable energy resources across
the US. The projects were developed and constructed by Pacifico
Power with commercial operation expected by year end 2024.
This follows the successful close of a $29 million deal with
Mitsubishi UFJ Financial Group (“MUFG”) for a
construction-to-permanent debt facility and $24 million
transferability bridge loan for the portfolio in January 2024 – for
a total transaction value of $93 million. The transaction marks
Pacifico’s first to leverage the transferability provisions of the
Inflation Reduction Act allowing monetization of the projects’
investment tax credits, as well as one of the first such
transactions in the industry.
“We’re pleased to announce Pacifico’s latest financing
partnerships with Sumitomo and MUFG as we continue to accelerate
deployment of clean energy infrastructure nationwide,” stated Kevin
Pratt, President of Pacifico Power. “As one of the first
participants to close a transferability bridge loan under the IRA
and a tax equity vehicle of this nature, we’re excited to build on
the momentum that Pacifico is experiencing within clean
energy.”
Visit www.pacificopower.com to read the full release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240627982661/en/
Mitch Crowley Email: mitchc@pacificopower.com