EDF Power Solutions Reaches Financial Close on 394 MW Utah Solar Project

EDF power solutions North America has achieved financial close for the Utah Solar 1 Energy project, a 394 MWdc / 300 MWac solar facility in Millard County, Utah. The project will now enter full construction, with electricity generation expected to begin in mid-2027.

The project is backed by a 30-year power purchase agreement (PPA) with the Southern California Public Power Authority (SCPPA). The facility is expected to generate approximately 766,000 MWh of electricity annually, which will serve customers of the Los Angeles Department of Water and Power (LADWP).

Financing for the project has been secured through credit facilities provided by Crédit Agricole CIB, MUFG Bank, National Bank of Canada, Societe Generale, and Standard Chartered Bank.

MUFG Bank is serving as Administrative Agent, while Crédit Agricole CIB is acting as Initial Coordinating Lead Arranger. MUFG Bank, National Bank of Canada, Societe Generale, and Standard Chartered Bank are serving as Coordinating Lead Arrangers and Initial Lenders.

The financing package also includes a tax credit bridge facility, with Crédit Agricole CIB serving as the sole buyer of the Production Tax Credits (PTCs) generated by the project.

“Reaching financial close on Utah Solar 1 reflects strong market confidence in this asset and marks a major milestone for our team,” said Amy Lloyd, CFO of EDF power solutions North America.

Construction of the solar facility is expected to employ approximately 400 workers at peak activity. Over its operating life, the project is projected to generate more than $40 million in local tax revenue for Millard County and $27 million in lease revenue for the Utah Trust Lands Administration.

EDF power solutions said the project is expected to deliver economic benefits to the local community while supporting Utah public schools through its work with the Utah Trust Lands Administration.

Clifford Chance served as legal counsel to EDF power solutions North America for the transaction. Winston Strawn served as lenders’ counsel, while Norton Rose Fulbright US LLP advised Crédit Agricole CIB on the PTC purchase.