Idemitsu Renewables Completes $60 Million Financing for 50 Megawatt Central 40 Solar Project in California
SAN FRANCISCO, June 29, 2020 /PRNewswire/ — Idemitsu Renewables, the US-based renewable energy business of Idemitsu Kosan Co., Ltd, announced today it has closed on debt financing for its 50 MWp Central 40 solar project in Stanislaus County, California.
Debt financing was provided by KeyBank National Association. KeyBanc Capital Markets served as sole arranger of the financing. “This project expands Idemitsu Renewables’ operating business in California,” said Cary Vandenberg, Managing Director of Idemitsu Renewables. “We were happy to build upon our existing relationship with KeyBank and to close a successful transaction even amidst the difficulty of the current COVID environment.” “As a part of our continuing support for renewable energy, we are pleased to support the growth of Idemitsu Renewables’ solar business in California,” said Andrew Redinger, Manager Director & Group Head, Utilities Power & Renewables at KeyBanc Capital Markets.
The renewable power generated by Central 40 will be sold through a power purchase agreement with Silicon Valley Power, which serves the City of Santa Clara. Idemitsu Renewables, the US-based renewable energy subsidiary of Idemitsu Kosan Co., Ltd, is a leading solar and storage developer and IPP. The company acquires, develops, owns, and operates utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, Idemitsu Renewables continues to develop its growing pipeline of energy projects. Learn more at http://idemitsurenewables.com/.