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<\/a><\/a>\nPermanent Power Company reflects the evolution of CIM Group\u2019s power business from a collection of assets into a long-term power platform designed for scale, durability and sustained ownership across a broader geography and portfolio of assets. In order to best meet the growing needs of clients, the Company consolidates operating solar generation, energy storage, transmission infrastructure and development\u2011stage projects under one platform, providing greater operational efficiency, financing flexibility and the foundation for expansion nationwide.<\/p>
\nThe Company believes there is significant and growing demand for power generation and energy storage, and plans to continue developing, acquiring and operating power projects across the U.S. It has an active pipeline of projects and is evaluating a range of opportunities, with a strategic focus on assets located in qualified rural Opportunity Zones.<\/p>
\n\u201cPermanent Power Company is a power platform focused on long-term growth and a stable energy supply, domestic power generation, energy storage and transmission,\u201d said Avi Shemesh, Co-Founder and Principal, CIM Group. \u201cSecuring this significant, long-term PPA with the regulated power division of a $200 billion global energy supermajor underscores the momentum behind this platform and supports our ability to deliver power to our clients at significant scale.\u201d<\/p>
\nLong-Term Power Purchase Agreement with a Regulated Energy Service Provider<\/span><\/b><\/p> \nPermanent Power Company recently signed a long\u2011term PPA with an investment-grade, regulated energy service provider, for the entire capacity of solar generation and battery storage at the Grape project. The agreement covers 100 percent of the project\u2019s 246 MW of solar PV capacity and 150 MW (600 MWh) of BESS capacity, providing long\u2011term contracted revenue from an investment\u2011grade counterparty.<\/p> \nPermanent Power Company currently operates 652 MW of solar photovoltaic (PV) systems and 360 MW (1,440 MWh) of battery energy storage systems (BESS), as well as 15 miles of transmission lines in California. It also has one project under construction, Grape, and one construction ready project, Daylight, with a combined 550 MW solar PV power generation capacity and 330 MW (1,320 MWh) of BESS. Upon completion, the portfolio is expected to comprise approximately 1,200 MW solar PV and 690 MW (2,760 MWh) of BESS.<\/p> \nThe Grape and Daylight projects are located within Westlands Solar Park, one of the largest permitted solar parks in the U.S. encompassing more than 20,000 acres in California\u2019s San Joaquin Valley.<\/p> \n$400 Million Financing from HPS Investment Partners<\/span><\/b><\/p> \nIn further support of the platform\u2019s scale and commercial strength, Permanent Power Company secured a $400 million financing commitment from funds and accounts managed by HPS Investment Partners, part of BlackRock Private Financing Solutions, a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions.<\/p> \nThe financing serves as a major milestone that advances the Company\u2019s strategic growth plan focused on delivering power, energy storage and transmission solutions across the U.S. It will help the Company accelerate development of Grape and Daylight while also providing resources to expand its pipeline through strategic acquisitions of future projects.<\/p> \nTogether, the long\u2011term PPA and the $400 million financing highlight confidence from strategic energy partners and capital markets, supporting Permanent Power Company\u2019s development as a scaled platform serving commercial and institutional customers.<\/p> \nAbout Permanent Power Company<\/b><\/p> \nPermanent Power Company was formed to build upon CIM Group\u2019s energy platform with an initial portfolio of approximately 1,200 MW of solar photovoltaic systems, 690 MW (2,760 MWh) of battery energy storage systems capacity, and 15 miles of transmission infrastructure in California. Permanent Power Company is a national enterprise focused on power initiatives such as energy reliability with long\u2011term ownership, operation and expansion of power assets, including projects located in qualified rural Opportunity Zones across the United States.<\/p> \nAbout CIM Group<\/b><\/p> \nCIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM\u2019s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com<\/a>.<\/p>