Permanent Power Company, an energy holding platform operating and developing solar and storage projects, has secured approximately $600 million in construction financing for its Grape solar and battery energy storage project in California.

Permanent Power Company is backed by CIM, a real estate and infrastructure owner, operator, lender, and developer.

The financing package includes an approximately $372.3 million construction-to-term loan, an approximately $166.7 million tax credit transfer bridge loa, and an approximately $61.3 million letter of credit facility. Truist is the administrative agent for the facility, and Wells Fargo is the collateral agent.

The Grape project includes 246.4 MW of solar photovoltaic capacity and 150 MW/600 MWh of battery energy storage systems located in Westlands Solar Park in California’s San Joaquin Valley.

Permanent Power Company said it recently signed a long-term power purchase agreement with an investment-grade, regulated energy service provider for the Grape project’s full solar generation and battery storage capacity.

“This financing is an important milestone for Permanent Power Company that reflects the confidence our capital partners have in our ability to develop and deliver large-scale power generation and energy storage projects. Grape is particularly notable given that an investment-grade offtaker signed a long-term PPA for its full solar and storage capacity prior to completion, underscoring both the strength of the project and the approach we bring to our platform,” said Avi Shemesh, Co-Founder and Principal, CIM Group.

The project is under construction. The company said Grape is expected to support more than 400 construction jobs and generate enough clean energy to power over 86,000 California homes annually.

After completion, Grape will form part of Permanent Power Company’s broader portfolio, which is expected to include approximately 1,200 MW of solar and 690 MW/2,760 MWh of battery storage.

The company had earlier secured a $400 million financing commitment from funds and accounts managed by HPS Investment Partners, part of BlackRock Private Financing Solutions. Permanent Power Company said the commitment supports its plan to deliver power, energy storage, and transmission solutions across the U.S., with a focus on assets located in Qualified Rural Opportunity Zones.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the same period in 2025.

In June 2026, Nautilus Solar Energy, a U.S.-based community solar company, renewed its construction debt facility with a total commitment of $600 million. The renewed facility will support the construction of approximately 200 MW of community solar projects across the company’s portfolio.