Terra-Gen also just closed financing on its Lockhart III and IV solar development in San Bernardino County, California. This project goes a long way in making our company’s renewable energy portfolio a reality. It will generate enough clean electricity to power about 94,000 homes annually. The project’s funding comes from a consortium of four commercial banks that includes U.S.-based and global institutions.
Lockhart III and IV will be essential to providing low-cost clean energy to the regional grid when they come online. Although specific details regarding the project’s capacity have not been disclosed, it is part of Terra-Gen’s extensive gross operating portfolio, which encompasses 3.9 gigawatts (GW) of solar, wind, and battery storage projects. For context, Terra-Gen’s Savage biomass project has a capacity of 5.1 gigawatt-hours (GWh) of storage. This capacity is divided among 30 renewable energy campuses, with a majority of projects sited in Texas and California.
Financing Details
The size of the financing for the Lockhart III and IV solar development was not disclosed. Further information on the project financing terms is similarly lacking. The involvement of a diverse consortium suggests strong confidence in the project’s potential impact within the renewable energy sector.
Commenting on this financing milestone, John O’Connor, CEO of Terra-Gen said, “We couldn’t be more pleased.
“The financing of our Lockhart project marks another significant milestone in advancing our renewable energy portfolio and strengthening our position in one of the most dynamic renewable energy markets in the country.” – John O’Connor, Terra-Gen CEO
This funding furthers Terra-Gen’s handcrafted mission to expand its presence in the rapidly-evolving energy landscape. At the same time, it’s spurring the innovation needed to create sustainable energy choices.
Economic Impact
The Lockhart III and IV solar development is an environmental breakthrough. It will reduce dangerous pollution while stimulating local economies and creating new, good-paying job opportunities. O’Connor emphasized the project’s larger advancements for job creation and economic development across California.
“We are proud to continue investing in projects that deliver reliable, sustainable power and bring new job opportunities that power communities and drive economic growth across the state.” – John O’Connor, Terra-Gen CEO
From solar to offshore wind, renewable energy projects are growing like wildfire across the United States. The Lockhart project further solidifies Terra-Gen’s role as an essential provider in this critical sector.
Future Outlook
With this recent financing closure, Terra-Gen intends to continue fulfilling its long-standing commitment to renewable energy and increase its operating platform. The firm has an active ongoing practice of innovating. Its mission is to deliver the world’s best sustainable energy and supply the world’s booming appetite for clean, green energy.
