Idemitsu Renewables Closes on Debt Financing for California Solar Project

Idemitsu Renewables, a U.S.-based renewable energy business of Idemitsu Kosan Co. Ltd., has closed on debt financing for its 50 MWp Central 40 solar project in Stanislaus County, Calif.

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,” says 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,” adds Vandenberg.

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.

Photo: An Idemitsu Kosan Co. Ltd. Japanese solar project


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