Permanent Power Company, launched by CIM Group, announced a long term power purchase agreement and a $400 million financing commitment as it expands into a national power generation and energy storage platform.
The newly formed platform consolidates operating solar generation, battery energy storage systems, transmission infrastructure, and development-stage projects into a single entity designed for long-term ownership, operational scale, and nationwide expansion. The company said the structure is intended to improve financing flexibility and operational efficiency as demand for power generation and energy storage continues to grow across the United States.
Permanent Power Company currently operates 652 MW of solar photovoltaic systems, 360 MW (1,440 MWh) of battery energy storage systems, and 15 miles of transmission lines in California. The company also has two major projects underway, Grape and Daylight, which together represent 550 MW of solar generation capacity and 330 MW (1,320 MWh) of battery storage capacity. Upon completion, the platform’s portfolio is expected to total approximately 1,200 MW of solar PV capacity and 690 MW (2,760 MWh) of battery energy storage capacity.
The Grape and Daylight projects are located within Westlands Solar Park in California’s San Joaquin Valley, one of the largest permitted solar parks in the United States, spanning more than 20,000 acres.
As part of the platform launch, Permanent Power Company secured a long-term power purchase agreement with an investment-grade regulated energy service provider for the full output of the Grape project. The agreement covers 246 MW of solar photovoltaic generation capacity and 150 MW (600 MWh) of battery energy storage capacity, providing contracted long-term revenue backed by an investment-grade counterparty.
The company also announced a $400 million financing commitment from funds and accounts managed by HPS Investment Partners, part of BlackRock Private Financing Solutions. According to the company, the financing will support development of the Grape and Daylight projects while helping fund strategic acquisitions and future platform growth initiatives.
Permanent Power Company said it plans to continue acquiring, developing, and operating power generation and energy storage projects throughout the United States, with a particular focus on assets located in qualified rural Opportunity Zones.
KEY QUOTES:
“Permanent Power Company is a power platform focused on long-term growth and a stable energy supply, domestic power generation, energy storage and transmission. Securing this significant, long-term PPA with the regulated power division of a $200 billion global energy supermajor underscores the momentum behind this platform and supports our ability to deliver power to our clients at significant scale.”
Avi Shemesh, Co-Founder and Principal, CIM Group
