Pacifico Power secures $40m SCOA financing for US solar-BESS projects

July 2, 2024

Pacifico Energy Group, through its US-focused renewable power development, energy services and financing subsidiary, Pacifico Power, has partnered with Sumitomo Corporation, through Sumitomo Corporation of Americas (SCOA), on a $40 million financing of a portfolio of US solar photovoltaic (PV) plus battery energy storage system (BESS) projects.

The project tax equity funding from SCOA will be used to finance a portfolio totalling 27MW of solar PV and 25MWh of battery storage located in California and Massachusetts.

“The projects will provide customers an estimated cost savings of more than $46 million over the course of the portfolio’s useful lifetime,” a Pacifico Power statement said.

SCOA will act as a tax equity partner, while Pacifico will remain a sponsor owner and operator of the projects. This will be SCOA’s first investment in distributed generation. The projects were developed and constructed by Pacifico Power with commercial operation expected by year end 2024.

“We’re pleased to announce Pacifico’s latest financing partnerships with Sumitomo and MUFG as we continue to accelerate deployment of clean energy infrastructure nationwide,” stated Kevin Pratt, president of Pacifico Power. “As one of the first participants to close a transferability bridge loan under the IRA and a tax equity vehicle of this nature, we’re excited to build on the momentum that Pacifico is experiencing within clean energy.”