CIM Group Secures $600M Financing for California Solar and Storage Project
CIM Group’s Permanent Power Company has closed approximately $600 million in construction financing to move forward with Grape, a large-scale solar and battery storage project situated inside one of the largest permitted solar parks in the United States.
The financing package comprises three tranches: a $372.3 million construction-to-term loan, a $166.7 million tax credit transfer bridge loan, and a $61.3 million letter of credit facility. Truist serves as administrative agent and Wells Fargo as collateral agent.
Grape is a 246.4 MWac solar photovoltaic project paired with 150 MWac — or 600 MWh — of battery energy storage, located within Westlands Solar Park in California’s San Joaquin Valley, a 20,000-plus acre complex that ranks among the country’s most significant permitted solar sites. The project recently secured a long-term power purchase agreement with an investment-grade regulated energy service provider covering the entire output of both the solar generation and battery storage capacity.
Now under construction, Grape is expected to support more than 400 construction jobs and generate enough clean energy to power over 86,000 California homes annually.
The close builds on a $400 million financing commitment Permanent Power previously secured from funds managed by HPS Investment Partners, part of BlackRock Private Financing Solutions. Together, the capital supports the company’s broader growth plan focused on power, storage, and transmission assets concentrated in Qualified Rural Opportunity Zones.
Upon completion, Grape will contribute to a Permanent Power portfolio expected to reach approximately 1,200 MWac of solar and 2,760 MWh of battery storage capacity.
