CIM Group announced the launch of Permanent Power Company, a national power platform created following a series of transactions that included securing a long-term power purchase agreement (PPA) and a $400 million financing commitment.
The new platform represents the evolution of CIM Group’s existing power business into a long-term infrastructure platform focused on ownership, operation, and expansion of solar generation, battery storage, and transmission assets across the United States. The company said the structure is designed to improve operational efficiency, enhance financing flexibility, and enable scalability as demand for energy generation and storage continues to grow.
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 platform also includes the Grape project, which is under construction, and the Daylight project, which is construction-ready. Combined, the two projects represent 550 MW of solar photovoltaic generation capacity and 330 MW (1,320 MWh) of battery energy storage capacity.
Upon completion of the projects, the company expects its portfolio to total approximately 1,200 MW of solar photovoltaic capacity and 690 MW (2,760 MWh) of battery energy storage systems.
The Grape and Daylight projects are located within Westlands Solar Park in California’s San Joaquin Valley, which spans more than 20,000 acres and is considered one of the largest permitted solar parks in the United States.
Permanent Power Company also signed a long-term PPA with an investment-grade regulated energy service provider covering the entire output of the Grape project. The agreement includes 100% of the project’s 246 MW of solar PV capacity and 150 MW (600 MWh) of battery energy storage capacity, providing long-term contracted revenue backed by an investment-grade counterparty.
In addition, HPS Investment Partners, part of BlackRock Private Financing Solutions, committed $400 million in financing to support the platform’s growth strategy. CIM Group said the capital will help accelerate development of the Grape and Daylight projects while supporting future acquisitions and expansion opportunities across the U.S.
CIM Group said the combination of the long-term PPA and financing commitment demonstrates confidence from both strategic energy partners and capital markets as Permanent Power Company scales its operations nationwide.
KEY QUOTE:
“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
