CIM Group Forms Westlands Electric Power Company

LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today the formation of Westlands Electric Power Company (WEPCO), a power company comprised of CIM-affiliated entities that initially own renewable power projects located in California.

The project portfolio will include 652 MW of solar photovoltaic (PV) systems, 360 MW of battery storage systems (BESS), and 15 miles of transmission at inception as well as the development of additional Notice to Proceed-ready projects including 550 MW of PV and 330 MW of BESS located within Westlands Solar Park. Westlands Solar Park is one of the largest permitted solar parks in the U.S. encompassing more than 20,000 acres in California’s San Joaquin Valley in western Fresno and Kings Counties.

WEPCO’s ownership of existing, operating power projects, power projects approved for development, and power storage seeks to create the foundation for a scalable operating enterprise. WEPCO will also benefit from CIM’s 11-year history of entitling, permitting, constructing and operating clean power projects.

For future growth projects, WEPCO and CIM plan to consider the development, acquisition and operation of additional power projects strategically located in qualified rural Opportunity Zones across the United States.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.