Terra-Gen closes financing for Lockhart III & IV solar project in US

US renewable energy producer Terra-Gen has closed project financing for the Lockhart III & IV solar development in San Bernardino County in the US state of California.

The project’s total financing package amounts to $383.3m, comprising a $236.1m tax equity bridge loan, a $107.5m construction and term loan, and $39.7m in unfunded facilities.

A consortium of four commercial banks, both US-based and global, will provide the funding for the project.

These comprise Crédit Agricole Corporate and Investment Bank, NORD/LB, ING, and US Bank, via its subsidiary US Bancorp Impact Finance.

The Lockhart III & IV project is designed to supply 205MW AC of clean energy to the local grid, contributing to the US state’s green energy objectives and growing electricity needs.

Upon completion, the facility is anticipated to generate electricity sufficient to power approximately 94,000 households each year.

Construction began earlier in 2025, with commercial operations scheduled for 2026.

Cupertino Electric is responsible for engineering, procurement, and construction (EPC) while EPC Services is building the high-voltage facilities, and First Solar will provide the solar modules.

The project will be situated next to previous Lockhart photovoltaic phases and partially occupies the site of the company’s former SEGS IX solar thermal facility, which was decommissioned last year.

Terra-Gen said that the facility will link to the grid using the existing transmission line to the Kramer Junction substation.

Terra-Gen CEO John O’Connor said: “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.

“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.”

The Lockhart complex includes the 85MW Lockhart I project, 75MW Lockhart II, a 45MW four-hour standalone battery storage project, and 129MW of co-located four-hour storage being developed currently.

The company’s gross operating portfolio is said to include 3.9GW of solar, wind, and battery storage projects, with 5.1GWh of energy storage capacity across 30 renewable energy sites, mainly in Texas and California.

Terra-Gen is jointly owned by Igneo Infrastructure Partners and the United Erab Emirate's Masdar.

"Terra-Gen closes financing for Lockhart III & IV solar project in US" was originally created and published by Power Technology, a GlobalData owned brand.

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