Pacifico Power Nets financing of solar and storage assets

Pacifico Power LLC has entered into cooperation with Sumitomo Corp. to finance a portfolio of solar photovoltaics (PV) and battery energy storage systems (BESS) projects.

Pacifico has secured $40 million in equity capital from SCOA for a portfolio of six projects totaling 27 MW of solar and 25 MWh of battery capacity located in California and Massachusetts.

The projects will provide customers with estimated savings of over $46 million over the life of the portfolio and support the ongoing transition to sustainable energy infrastructure.

SCOA will act as the tax equity partner, while Pacifico will remain the owner sponsor and operator of the projects through its direct subsidiaries. This will be SCOA’s first investment in distributed generation.

Two projects in Massachusetts, part of the Solar Massachusetts Renewable Target (SMART) program, are community solar investments that will provide more than half of their energy to low- and moderate-income households. The portfolio also 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 reducing energy costs and increasing reliability.

The projects were developed and constructed by Pacifico Power and are scheduled for commercial launch by the end of 2024.

“We are pleased to announce Pacifico’s latest financing partnerships with Sumitomo and MUFG as we continue to accelerate the deployment of clean energy infrastructure across the country,” said Kevin Pratt, president of Pacifico Power. “As one of the first participants to complete an IRA-based bridge loan and this type of tax equity instrument, we are excited to build on the momentum Pacifico is experiencing in clean energy.”