Idemitsu Renewables Completes $60 Million Financing for 50 Megawatt Central 40 Solar Project in California

Rhea-AI Summary

Idemitsu Renewables has successfully secured $60 million in debt financing for its 50 MWp Central 40 solar project in Stanislaus County, California. KeyBank National Association provided the financing, with KeyBanc Capital Markets acting as the arranger. This project strengthens Idemitsu's solar business in California, facilitating power sales through an agreement with Silicon Valley Power. The company continues to expand its renewable energy initiatives, contributing to sustainable energy solutions.

Positive

• Secured $60 million in debt financing for the Central 40 solar project.
• Strengthens presence in California's renewable energy market.
• Power to be sold through an agreement with Silicon Valley Power.

Negative

• None.

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.

About Idemitsu Renewables (formerly Solar Frontier Americas)

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/.

About KeyCorp

KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $141.5 billion at March 31, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit www.key.com. KeyBank is Member of FDIC.

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SOURCE Idemitsu Renewables

FAQ

What is the value of the financing secured by Idemitsu Renewables?

Idemitsu Renewables secured $60 million in debt financing.

What is the location of Idemitsu Renewables' Central 40 solar project?

The Central 40 solar project is located in Stanislaus County, California.

Who provided the debt financing for the Central 40 solar project?

Debt financing was provided by KeyBank National Association.

What agreement does Idemitsu Renewables have for the power generated?

The power generated will be sold through a power purchase agreement with Silicon Valley Power.

When was the debt financing for the Central 40 solar project announced?

The debt financing was announced on June 29, 2020.