Solar Frontier Americas Inc. completed a tax equity commitment and debt financing for the 210-MWp Mustang Two Solar Park in Kings County, Calif.
The independent power producer secured an about $176 million construction-to-term facility from KeyBank NA and Mizuho Bank Ltd.
Morgan Stanley Renewables Inc. committed to making up to $120 million in tax equity financing for the project. CohnReznick Capital served as financial adviser, and Stoel Rives served as Solar Frontier Americas' counsel in the deal.
The solar park is under construction and is expected to start commercial operation in 2020. Its output will be sold to community choice aggregator Peninsula Clean Energy and the Modesto Irrigation District under separate power purchase contracts.
Solar Frontier Americas is the California-based renewables business of Japan's Idemitsu Kosan Co. Ltd. and will own and operate the Mustang Two solar park. It said in a news release Dec. 18 that Mustang Two is its largest project and financing to date.