Copia Power has secured a $1.7 billion debt facility to fund the construction and operation of its 2.2GWh battery energy storage projects in Arizona, US.
Copia Power, which is backed by investment company Carlyle, can now move forward with building its Maricopa Energy Center project after finalising the construction loan, term loan and letters of credit.
The ESS will be co-located with 550MW of solar capacity and connected to the local grid. The project is being built in two phases which have both executed Power Purchase Agreements with Arizona Public Service and are scheduled to reach commercial operation in 2026-2027.
In January, the Copia signed two Power Purchase Agreements with power utility firm Arizona Public Service that covers Phases I and II of the projects.
The latest agreement brings the total raised for the project to more than $3.5 billion. The latest financing was executed by BNP Paribas, Canadian Imperial Bank of Commerce (CIBC), Crédit Agricole CIB, KeyBanc Capital Markets, Natixis CIB, and Wells Fargo as Coordinating Lead Arrangers.
Copia’s planned portfolio in Arizona is now 1.5GW of solar and 4.5GWh of storage.
Maricopa Energy Center is located in Harquahala Valley in west Maricopa County.
The company is also building its Harquahala Sun 2 project in the area. This project will include a 300MW solar facility and 300MW/1.2GWh BESS facility.
