CalCom Energy, a solar developer and energy services company focused on agriculture and water customers, has launched the Agriculture Energy Infrastructure Fund, a $100 million resource to build solar and energy storage projects to benefit farming communities in California.
The fund, developed in partnership with Symbiont Energy and Live Oak Bank, will enable agriculture companies to build on-site clean energy projects in the state of California over the next 24 months, says CalCom.
The fund will provide long-term, lower-cost energy through clean energy power purchase agreements (PPAs). It is specifically intended to assist agriculture companies and farmers hit hard by the impact of recent California wildfires, a lack of grid resiliency, and ever-increasing energy and water costs.
CalCom estimates potential savings of $250 million in utility bill savings for its customers over the life of the energy assets.
“Farmers have been under extreme pressure in California, with everything from utility bankruptcies to tariffs to natural and manmade disasters,” says Dylan Dupre, president and CEO of CalCom Energy. “CalCom wholeheartedly supports our customers in the Central Valley, and with this fund, we can offer very favorable financing options for customers who did not have access to clean energy in the past.”
“The Ag Energy Infrastructure Fund will also allow the company to expand our current project development work – and, for the first time, own the projects we’re developing,” adds David Williams, chief commercial officer at CalCom Energy. “Our specialty at CalCom now spans from origination and development through financing, execution and asset management of distributed solar and storage projects.”