Press Release

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.

The project will provide clean power equivalent to the needs of over 20,000 homes.

SAN FRANCISCO, CA – May 31, 2022 – The Luciana solar project, a 73 megawatt solar project in Tulare County, CA has achieved commercial operation and is expected to generate clean and affordable power equivalent to the needs of over 20,000 California homes.

The project, located in Ducor, CA, provided jobs for over 200 workers during construction, mainly sourced from local union halls in surrounding areas. The Luciana project also provides on-going economic development in the form of fees and tax revenues to Tulare County.

“Considering the unprecedented supply chain challenges the industry faced this past year, we are proud to have successfully achieved commercial operation of the Luciana project through our partnership with East Bay Clean Energy (EBCE),” said Cary Vandenberg, CEO of Idemitsu Renewables. “By leveraging our financial strength and development expertise, we’re helping California meet its aggressive clean energy goals while also providing significant investment in Tulare County.”

The renewable power generated by the Luciana project will be sold through a 15-year power purchase agreement with EBCE, which serves Alameda County and neighboring cities.

“The Luciana project brings more low-cost renewable energy to EBCE’s portfolio, and it’s another big step forward on EBCE’s path to 100% clean energy for all of our customers by 2030,” said Nick Chaset, EBCE’s CEO.

By bringing the Luciana project to commercial operation, Idemitsu Renewables celebrates its commitment to being a leader in the U.S. renewable energy space.

About EBCE

EBCE is a not-for-profit public agency that operates a Community Choice Energy program for Alameda County and fourteen incorporated cities, serving more than 1.7 million residential and commercial customers. EBCE initiated service in June 2018 and expanded to Tracy in neighboring San Joaquin County in 2021. As one of 19 community choice aggregation (CCA) programs operating in California, EBCE is part of the movement to expedite the climate action goals of their communities and those of California. EBCE is committed to providing clean power at competitive rates while reinvesting in its local communities. For more information about East Bay Community Energy, visit ebce.org.

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.