Idemitsu Renewables Completes Funding of $61M Tax Equity and Debt Financing for Luciana Solar project
SAN FRANCISCO, CA – July 28, 2022 –– Idemitsu Renewables, the U.S.-based renewable energy business of Idemitsu Kosan Co.,Ltd., announced today it has completed funding of tax equity and debt financing for its 73 megawatt Luciana Solar Project in Tulare County, California.
Morgan Stanley Renewables Inc. provided the tax equity. Rabobank provided the debt financing.
The 73 megawatt Luciana project began commercial operation in May 2022, and is owned and operated by Idemitsu Renewables. This project adds to the company’s operating assets within California and Colorado regions and complements the extensive development pipeline spanning WECC, PJM, MISO, and CAISO service areas.
“This project continues our team’s legacy of execution from greenfield, financing, construction to operations of utility scale solar projects. Given the dynamics of the last few years, this project is a testament to the expertise and dedication of the team. Securing financing from top-tier financial partners, Morgan Stanley and Rabobank was critical to the success of this project.” said Cary Vandenberg, CEO of Idemitsu Renewables Americas.
“We are delighted to partner again with Idemitsu on the Luciana project, and to continue supporting the transition of the U.S. energy industry with more renewable solar electricity generation,” said Jorge Iragorri, Head of the Alternative Financing Group at Morgan Stanley.
“We are pleased to have supported Idemitsu Renewables on this milestone transaction that will provide clean energy to Northern California and look forward to partnering further with Idemitsu as they expand their portfolio”, said Greg Hutton, Managing Director and Regional Head of Project Finance, Americas at Rabobank.
The renewable power generated by Luciana will serve Northern California generating clean and affordable power equivalent to the needs of over 20,000 homes, furthering its commitment to being a leader in the U.S. renewable energy space.
About Idemitsu Renewables
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 throughout North America and has offices in California and Nevada. Learn more at www.idemitsurenewables.com.