Idemitsu Renewables Completes Financing of $61 Million Tax Equity and Debt Financing for the Luciana Solar Project

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SAN FRANCISCO, July 27, 2022 /PRNewswire/ — Idemitsu Renewables, the U.S.-based renewable energy business of Idemitsu Kosan Co., Ltd., today announced that it has completed tax equity financing and financing by loan for its Luciana solar project of 73 megawatts in Tulare County, California.

Morgan Stanley Renewables Inc. provided tax fairness. Rabobank provided the debt financing.

The 73 megawatt Luciana project began commercial operation in May 2022, and is owned and operated by Idemitsu Renewables. This project is in addition to the company’s operating assets within California and Colorado regions and complements the extensive development pipeline spanning the WECC, PJM, MISO and CAISO service areas.

“This project continues our team’s legacy of executing, from greenfield, financing, constructing and operating large-scale solar projects. Given the momentum of the past few years, this project is a testament to the “The expertise and dedication of the team’s top tier financial partners, Morgan Stanley and Rabobank, have been critical to the success of this project,” said Cary VandenbergCEO of Idemitsu Renewables Americas.

“We are excited to partner again with Idemitsu on the Luciana project and continue to support the U.S. energy industry’s transition to more renewable solar power generation,” said Jorge IragoriHead of the Alternative Financing Group at Morgan Stanley.

“We are delighted to have supported Idemitsu Renewables in this historic transaction that will provide clean energy to Northern California and we look forward to continuing our partnership with Idemitsu as they expand their portfolio,” said Greg HutonManaging Director and Regional Head of Project Finance, Americas at Rabobank.

The renewable energy produced by Luciana will serve Northern California generating clean and affordable energy equivalent to the needs of more than 20,000 homes, furthering its commitment to be a leader in renewable energy in the United States.

About Idemitsu Renewables
Idemitsu Renewables, the US-based renewable energy subsidiary of Idemitsu Kosan Co., Ltd., is a leading developer of solar and energy storage systems and an independent power producer. The company acquires, develops, owns and operates large-scale solar power generation facilities in North America and has offices in California and Nevada. Learn more about www.idemitsurenewables.com.

SOURCEIdemitsu Renewables America Development LLC


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