Maureen McHale

SAN FRANCISCO — July 1, 2020 — Idemitsu Renewables announced today it has closed tax equity financing for its 50 MWp Central 40 solar project in Stanislaus County, California and its 80MWp Pioneer Solar project in Adams County, Colorado. Both projects are under construction and will begin operating in the fall of 2020.

The tax equity syndicate was arranged by RBC Capital Markets.

“We’re happy to announce this new partnership,” said Cary Vandenberg, Managing Director of Idemitsu Renewables. “It demonstrates the market’s confidence in us and the solar power industry as a whole even in the midst of a global pandemic.”

“Idemitsu Renewables has been a strong partner from the beginning,” said Yonette Chung McLean, Managing Director at RBC Capital Markets. “Our syndicate partners appreciated the strengths of the organization and the credit quality of the projects. We are especially pleased to have raised tax equity for both projects given the challenges in the current market and we look forward to the successful completion of Pioneer and Central 40.”

Pioneer will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado, and Central 40 will sell power to Silicon Valley Power, which serves the City of Santa Clara, California.

About Idemitsu Renewables (formerly Solar Frontier Americas)
Idemitsu Renewables, the U.S. based renewable energy subsidiary of Idemitsu Kosan Co.,Ltd, is a leading solar and energy storage developer and independent power producer. The company acquires, develops, owns, and operates utility-scale solar power generation plants and sells clean energy to help communities both economically and ecologically. With offices in California and Nevada, Idemitsu Renewables continues to develop its growing pipeline of energy projects. Learn more at https://idemitsurenewables.com/.

Media Relations for Idemitsu Renewables:
Jill Hansen
Tel: +1-925-997-5956
Email: jill@hansenre.com

Foundation piles being driven during construction of Central 40, Idemitsu Renewables’ utility-scale solar project a few hours southeast of San Jose, CA.

SAN FRANCISCO — June 29, 2020 — 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 U.S. 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 https://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.

Idemitsu Renewables Media Relations:
Jill Hansen
Tel: +1-925-997-5956
Email: jill@hansenre.com

San Francisco, CA, June 22, 2020 –Solar Frontier Americas (SFA), announced it is changing its name to Idemitsu Renewables. Idemitsu Renewables is the US-based renewable energy business of Idemitsu Kosan Co.,Ltd. (Idemitsu, pronounced “ee-deh-mee-tsu”), one of the largest energy companies in Japan, following the 2019 merger of Idemitsu and Showa Shell Sekiyu K.K.

“The new name underscores Idemitsu Kosan’s commitment to expanding its U.S. renewable energy business by leveraging its significant balance sheet to accelerate growth in the vibrant U.S. solar and storage sectors,” said Cary Vandenberg, Managing Director of Idemitsu Renewables. “Idemitsu’s strong support will hasten the growth of our independent power producer (IPP) and development business and bolster our national expansion through acquisitions of solar and storage projects, co-development partnerships, and greenfield development activities.”

With offices in San Francisco and Reno, Idemitsu Renewables develops, finances, owns and operates utility-scale solar and storage projects. The company first developed and built projects in California and has expanded development on a national scale with emphasis on the western states and PJM markets. Idemitsu Renewables currently manages a multi-gigawatt portfolio in various stages of development.

“Idemitsu Kosan has a 109-year history of success and innovation with strong international expertise. Our vision today is toward a diversified and resilient energy platform that better serves the world. Renewable energy is one of our two strategic areas for growth and we have a 4-gigawatt renewable energy portfolio goal with the majority of this level coming from Idemitsu Renewables.” commented Shunichi Kito, Representative Director and CEO of Idemitsu.

About Idemitsu Renewables (formerly Solar Frontier Americas)
Idemitsu Renewables, the U.S. based renewable energy subsidiary of Idemitsu Kosan Co.,Ltd, is a leading solar and energy storage developer and independent power producer. The company acquires, develops, owns, and operates utility-scale solar power generation plants and sells clean energy to help communities both economically and ecologically. With offices in California and Nevada, Idemitsu Renewables continues to develop its growing pipeline of energy projects. Learn more at https://idemitsurenewables.com/.

Idemitsu Renewables Media Contact
Jill Hansen
Jill@hansenRE.com
925-997-5956