Idemitsu Renewables secures $71 million in tax equity for solar projects in California, Colorado

Idemitsu Renewables develops and acquires high performance solar power generation plants to expand its independent power production business

This week, Idemitsu Renewables closed tax equity financing for its 50 MWp Central 40 solar project in Stanislaus County, California, and its 80 MWp Pioneer Solar project in Adams County, Colorado. Both projects are under construction and will begin operating in the fall of 2020.

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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.

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