EDF power solutions North America has reached financial close for the Utah Solar 1 Energy project, a 394MW-direct current (MWdc) and 300MW-alternating current (MWac) solar facility planned for Millard County, Utah, US.
Construction is now set to begin, with commercial electricity delivery expected to commence in mid-2027.
The project is underpinned by a 30-year power purchase agreement (PPA) with the Southern California Public Power Authority (SCPPA), which was signed in June.
The facility is expected to produce approximately 766,000MW-hours (MWh) of electricity per year, which will be delivered to the Los Angeles Department of Water and Power (LADWP) for supply to its customers.
EDF power solutions North America has secured the capital required for the initiative through credit arrangements involving Crédit Agricole CIB, the National Bank of Canada, MUFG Bank, Société Générale and Standard Chartered Bank.
MUFG Bank is acting as administrative agent, with Crédit Agricole CIB serving as initial coordinating lead arranger.
The other financial institutions are acting as coordinating lead arrangers and initial lenders.
The financing also includes a tax credit bridge facility, in which Crédit Agricole CIB is the sole buyer of the production tax credits expected from the project.
EDF power solutions North America CFO Amy Lloyd said: “Reaching financial close on Utah Solar 1 reflects strong market confidence in this asset and marks a major milestone for our team. We appreciate the commitment of SCPPA, LADWP and our financial partners as we advance into construction.
“In addition to generating clean power, this development delivers meaningful economic benefits for Millard County and funding for Utah public schools through our work with the Utah Trust Lands Administration.”
During peak construction, around 400 workers are expected to be employed on-site.
Over the lifespan of the project, projections indicate it will contribute local tax revenue of more than $40m to Millard County and $27m in lease payments to the Utah Trust Lands Administration.
Legal counsel for the transaction was provided by Clifford Chance for EDF power solutions North America, Winston Strawn for the lenders and Norton Rose Fullbright US for Crédit Agricole CIB in the tax credit purchase.
EDF power solutions North America is aiming to balance community engagement with project advancement ahead of the scheduled commercial launch in 2027.
