Sunraycer Renewables has successfully secured a project worth 4.75 billion USD for the development of two solar energy projects in Desert Hot Springs, California. This initiative includes a 143MW solar plant named Gaia, which will be built alongside a 75MW energy storage facility, and a 97.5MW solar plant called Midpoint, equipped with a 50MW energy storage system. The total capacity for these projects will amount to 241MW of solar energy and 125MW of battery storage.
The financing for this 4.75 billion USD project involves a combination of construction loans, term loans, and bridge financing, along with the issuance of credit guarantees. Sunraycer has indicated that the projects are expected to commence operations in the latter part of this year.
This financing deal involves several institutions, including MUFGBank, Nomura Securities International, and Nord/LB.
The project financing is structured to cover various phases, ensuring that all aspects from construction to operational revenue are adequately funded. Sunraycer has expressed confidence that these projects will significantly contribute to the local energy landscape.
For further information, the National Renewable Energy Laboratory provides insights into renewable energy policies and project developments. This includes the latest advancements in solar technology and energy storage solutions.
As the global transition toward renewable energy continues, projects like these highlight the commitment to sustainable energy solutions in California and beyond.
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