Terra-Gen has closed $383.3 million in project financing to build its 205MWac Lockhart III & IV solar project in San Bernardino County, advancing one of California’s most significant in-development solar additions.
The financing package includes a $236.1M tax equity bridge loan, a $107.5M construction and term loan, and $39.7M in additional unfunded facilities. Crédit Agricole CIB, ING, NORD/LB, and U.S. Bank (via U.S. Bancorp Impact Finance) served as lenders.
CEO John O’Connor said the deal strengthens Terra-Gen’s position in California’s expanding renewables market and supports new jobs and economic growth across the state. Once operational in 2026, the project is expected to generate enough clean power for ~94,000 homes annually.
Construction began earlier this year. Cupertino Electric is the EPC contractor, EPC Services is building the high-voltage facilities, and First Solar is supplying modules. Lockhart III & IV will sit adjacent to prior Lockhart phases, partially on the former SEGS IX solar thermal site decommissioned in 2024, with grid interconnection via the existing Kramer Junction gen-tie line.
The broader Lockhart complex includes Lockhart I (85MW), Lockhart II (75MW), a 45MW standalone battery project, and 129MW of four-hour co-located storage under construction.
KEY QUOTE:
“The financing of our Lockhart project marks another significant milestone… We are proud to continue investing in projects that deliver reliable, sustainable power and bring new job opportunities that power communities and drive economic growth across the state.”
John O’Connor, CEO, Terra-Gen
