Pacifico Power LLC has partnered with Sumitomo Corp. to finance a portfolio of solar photovoltaic (PV) plus battery energy storage system (BESS) projects.
Pacifico secured $40 million in project tax equity funding from SCOA for a portfolio consisting of six projects totaling 27 MW of solar PV and 25 MWh of battery storage located in California and Massachusetts.
The projects will provide customers with an estimated cost savings of more than $46 million over the course of the portfolio’s useful lifetime, as well as support the ongoing transition to sustainable energy infrastructure.
SCOA will act as a tax equity partner, while Pacifico will remain a sponsor owner and operator of the projects through direct subsidiaries. This will be SCOA’s first investment in distributed generation.
The two projects in Massachusetts, developed under the Solar Massachusetts Renewable Target (SMART) program, are community solar developments wherein over half of the energy produced will be dedicated to serving low-to-moderate income households. Additionally, the portfolio includes four behind-the-meter projects in California that are designed to support C&I customers by integrating renewable energy into corporate sustainability strategies, while also reducing energy costs and enhancing reliability.
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,” states 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.”
