Terra-Gen LLC chooses Deutsche Bank for US
26 January 2022
Looking back on 2021, a highlighted deal that Deutsche Bank is supporting is Terra-Gen LLC’s Edwards Sanborn 1A Solar Storage project, a solar-plus-battery facility that, upon completion, is, according to the company, expected to become the largest integrated solar storage facility in North America. Land from Edwards Air Force Base along with a plot of adjacent private land located in Kern County, CA will be used for the project.
The financing for the first phase will provide for the development of 346 MWac of solar modules and 1,501 MWh of battery storage and will pave the way for further development phases expected to total 760 MWac of solar and 2,445 MWh of storage by 2023. Financing includes US$804m notional senior secured credit facilities consisting of a US$400m construction and term loan facility, a US$328m tax equity bridge facility, and a US$76m construction and revolving letter of credit facility.
Deutsche Bank acted as sole bookrunner, joint lead arranger, and administrative agent on the first phase of financing which comprised five loan facilities and 13 lenders. To date, two of the seven sub-projects are now fully operational.
"We value the creativity and innovation that our financing counterparties brought to the table. Working collaboratively, we were able to structure and deliver financing on a scale not previously seen for an integrated solar and energy storage project," said John O'Connor, Terra-Gen's Chief Financial Officer.1
Terra-Gen is a leading renewable energy developer that operates more than 1.3GW of wind, solar and energy storage facilities. Established in August 2007, the company specialises in the development, construction, and operation of utility-scale wind, solar, and energy storage projects.