EDF Reaches Financial Close on Massive Utah Solar Project
EDF Power Solutions North America has reached financial close on its Utah Solar 1 Energy project, a massive solar facility in Millard County, Utah. The 394 MWdc / 300 MWac project will enter full construction and generate electricity by mid-2027, according to the company.
The facility is backed by a 30-year power purchase agreement (PPA) with the Southern California Public Power Authority (SCPPA), which will serve customers of the Los Angeles Department of Water and Power (LADWP). The project is expected to generate approximately 766,000 MWh of electricity annually.
EDF secured financing through credit facilities provided by Crédit Agricole CIB, MUFG Bank, National Bank of Canada, Societe Generale, and Standard Chartered Bank. MUFG will serve as Administrative Agent, while Crédit Agricole CIB is acting as Initial Coordinating Lead Arranger.
The project is projected to employ approximately 400 workers at peak activity and generate over $40 million in local tax revenue for Millard County and $27 million in lease revenue for the Utah Trust Lands Administration. Clifford Chance served as legal counsel to EDF, while Winston Strawn advised lenders and Norton Rose Fulbright US LLP represented Crédit Agricole CIB on the PTC purchase.