Terra-Gen El Camino Solar + Storage Project
|Deal Type||Debt Capital Markets|
Senior Secured Credit Facilities
|Client & Transactional Partners||Terra-Gen||Our Role||Joint Lead Arranger|
On July 21, 2021, KeyBanc Capital Markets (“KBCM”) successfully closed $860 million of Senior Secured Credit Facilities (the “Facilities”) for Terra-Gen’s El Camino Solar + Storage Project (“El Camino” or the “Project”). The Facilities consist of a $400 million Construction-to-Term Loan, a $328 million Tax Equity Bridge Loan and an aggregate $132 million of Letters of Credit. Proceeds will be used to fund construction costs of the Project. KBCM acted as Joint Lead Arranger.
El Camino consists of two project sites totaling 346 MW of solar capacity and 1,505 MWh of battery storage located on / near Edwards Air Force Base in Kern County, California. The Project will be constructed in three phases over a 11-month period and is expected to be commercially operational by the second quarter of 2022.