EDF power solutions North America Secures Financing for 300 MW Utah Solar 1 Energy Project

SAN DIEGO--(BUSINESS WIRE)--EDF power solutions North America has achieved financial close on the Utah Solar 1 Energy project. Located in Millard County, Utah, the 394-megawatt (MW)dc / 300 MWac solar facility will move into full construction, with electricity delivery slated to begin in mid-2027.

The project is supported by a 30-year power purchase agreement executed with the Southern California Public Power Authority (SCPPA). Electricity generated by the facility—estimated at 766,000 MWh annually—will serve customers of the Los Angeles Department of Water and Power (LADWP).

Capital for the project has been secured through credit facilities provided by Crédit Agricole CIB, MUFG Bank, Ltd., National Bank of Canada, Societe Generale, and Standard Chartered Bank. MUFG Bank, Ltd. acted as Administrative Agent, with Crédit Agricole CIB acting as Initial Coordinating Lead Arranger and MUFG Bank, Ltd., National Bank of Canada, Societe Generale and Standard Chartered Bank acting as Coordinating Lead Arrangers and Initial Lenders. The financing package includes a tax credit bridge facility backed by Crédit Agricole CIB as the sole buyer of the Production Tax Credits (PTC) generated by the project.

"Reaching financial close on Utah Solar 1 reflects strong market confidence in this asset and marks a major milestone for our team," said Amy Lloyd, CFO of EDF power solutions North America. "We appreciate the commitment of SCPPA, LADWP and our financial partners as we advance into construction. In addition to generating clean power, this development delivers meaningful economic benefits for Millard County and funding for Utah public schools through our work with the Utah Trust Lands Administration."

During peak activity, the construction phase is expected to employ approximately 400 workers. Over its multi-decade life, Utah Solar 1 is projected to generate more than $40 million in local tax revenue for Millard County and $27 million in lease revenue to the Utah Trust Lands Administration.

Clifford Chance served as legal counsel to EDF power solutions North America for the transaction, Winston Strawn served as lenders counsel and Norton Rose Fullbright US LLP as counsel to Crédit Agricole CIB for the PTC purchase.

About EDF power solutions North America

EDF power solutions North America is a market-leading independent power producer and service provider, developing, building, and operating low-carbon energy and flexible transmission solutions across the U.S., Canada, and Mexico since 1987. We partner with utilities, corporations, industries, communities, institutions, and investors to deliver reliable, low-carbon energy that meets growing demand.

From developing and building scalable wind (onshore and offshore), solar, storage (battery and pumped storage hydropower), smart EV charging, microgrids, green hydrogen, and transmission projects, to maximizing performance and profitability through skilled operations, maintenance and innovative asset optimization, our teams deliver expert solutions along the entire value chain—from origination to commercial operation. Our portfolio consists of 26 gigawatts of developed projects and 17 gigawatts under service contracts.

EDF power solutions is an affiliate of the EDF Group, a world leader in power production. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Instagram, and Facebook.