Idemitsu Renewables, the US-based renewable energy business of Idemitsu Kosan Co., Ltd, announced today it has closed on debt financing for its 50 MWp Central 40 solar project in Stanislaus County, California.
Debt financing was provided by KeyBank National Association. KeyBanc Capital Markets served as sole arranger of the financing.
"This project expands Idemitsu Renewables' operating business in California," said Cary Vandenberg, Managing Director of Idemitsu Renewables. "We were happy to build upon our existing relationship with KeyBank and to close a successful transaction even amidst the difficulty of the current COVID environment."
"As a part of our continuing support for renewable energy, we are pleased to support the growth of Idemitsu Renewables' solar business in California," said Andrew Redinger, Manager Director & Group Head, Utilities Power & Renewables at KeyBanc Capital Markets.
The renewable power generated by Central 40 will be sold through a power purchase agreement with Silicon Valley Power, which serves the City of Santa Clara.
About Idemitsu Renewables (formerly Solar Frontier Americas)
Idemitsu Renewables, the US-based renewable energy subsidiary of Idemitsu Kosan Co., Ltd, is a leading solar and storage developer and IPP.
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $141.5 billion on March 31, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states.