Terra-Gen, an independent power producer jointly owned by Igneo Infrastructure Partners and Masdar, has completed the project financing arrangements for the Lockhart III & IV solar project in San Bernardino county, California. The commitments for the project amount to $383.3 million, comprising a $236.1 million tax equity bridge loan, a $107.5 million construction and term loan, and $39.7 million in additional unfunded facilities. The financing has been arranged through four commercial US and international banks, namely Crédit Agricole Corporate and Investment Bank, ING, NORD/LB and US Bank, through its subsidiary US Bancorp Impact Finance.
The Lockhart III & IV project will have a capacity of 205 MW, and will supply enough electricity to meet the annual needs of an estimated 94,000 homes. Construction began earlier in 2025, and the project is expected to begin commercial operations in 2026. Furthermore, the engineering, procurement and construction work for the project is being carried out by Cupertino Electric, while EPC Services is developing the high-voltage systems. The solar modules for the project are being supplied by First Solar.
The Lockhart III & IV project is being built next to earlier phases of the Lockhart solar complex, and is being partially constructed on the land of the former SEGS IX solar thermal facility. The project will connect to the grid through the existing transmission link at the Kramer junction substation. The wider Lockhart complex includes the 85 MW Lockhart I project and the 75 MW Lockhart II project. Additionally, the complex houses a 45 MW four-hour standalone battery energy storage system project and 129 MW of co-located four-hour storage that is currently under construction.
