BayWa r.e. Moving Forward With California Solar-Plus-Storage Project
Renewable energy company BayWa r.e. said it has closed financing for a solar-plus-storage installation in San Diego County, California. The group on December 9 said the Jacumba Valley Ranch (JVR) Energy Park is expected to enter commercial operation in 2026.
BayWa r.e., headquartered in Munich, Germany, with its U.S. operations based in California, said overall funding commitments for the project total about $416 million. The JVR facility includes 90 MWac/127 MWdc of solar and 70 MWac/280 MWh of battery storage. It will supply power through San Diego Community Power, a public agency with power delivery and services managed by San Diego Gas & Electric.
The company on Tuesday said construction is underway on the project after a recent groundbreaking. BayWa r.e. called JVR one of Southern California’s most significant renewable energy infrastructure investments. The project has a signed tax credit transfer agreement with a large, unnamed corporate buyer.
“Today, BayWa r.e. Americas celebrates the result of years of collaboration with our partners and stakeholders. Our team, local officials, permitting and financing partners, and our EPC [engineering, procurement, construction] and construction teams shared a clear goal: deliver a reliable, cost-efficient energy project that adds new capacity to the grid and creates lasting value for San Diego County,” said Geoff Fallon, interim CEO and COO of BayWa r.e. Americas. “Breaking ground on JVR Energy Park reflects that shared effort, and we’re deeply grateful to everyone who helped make it possible.”
JVR secured a construction-to-term loan facility led by Paris, France-headquartered financial services groups Société Générale. It also received a preferred equity investment from funds managed by Wafra Inc., a New York-based global alternative investment manager. Acadia Infrastructure Capital, L.P., a North American power infrastructure investment manager, invested preferred equity in JVR alongside Wafra.
“Our investment in JVR Energy Park demonstrates Wafra’s ability to deliver creative capital solutions that advance large-scale power solutions,” said Anthony Peek, managing director at Wafra.
Ben Droz, director at Acadia, said, “We’re proud to partner with BayWa r.e. Americas on a structure that advances both financial and community outcomes in the San Diego area.”
Officials said construction of JVR Energy Park will create more than 350 union construction jobs through project labor agreements, with long-term operational roles to follow. BayWa r.e. has also committed $4 million in direct investment to Jacumba Valley, which is being directed by input from the Jacumba Community Sponsorship Group, the County of San Diego, and a local resident survey. A fire protection agreement with the San Diego County Fire Authority designates five acres of project land for a new Jacumba fire station. The project also includes a 435-acre biological open space easement and avoids sensitive habitats, wetlands, and jurisdictional waters.
—Darrell Proctor is a senior editor for POWER.
Content Original Link:
" target="_blank">
