Permanent Power Company secures $600 million financing for Grape solar and battery storage project in California

Type: Financing · Technology: Hybrid · Country: United States · Capacity: 246.4 MWac · Value: $600M · Announced: 2026-06-19

Permanent Power Company, a unit of CIM Group, closed a $600 million construction financing package for its Grape solar and battery storage project in California’s San Joaquin Valley. The financing includes 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, with Truist serving as administrative agent and Wells Fargo as collateral agent. The 246.4 MWac solar PV and 150 MWac / 600 MWh battery energy storage system is located within Westlands Solar Park and is now under construction. Permanent Power Company also signed a long-term power purchase agreement with an investment-grade regulated energy service provider covering the project’s entire capacity. Once completed, Grape will contribute to Permanent Power Company’s broader portfolio of approximately 1,200 MWac of solar PV and 690 MWac/2,760 MWh of battery storage.

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