Terra-Gen, one of the largest independent renewable energy producers in the United States and jointly owned by Igneo Infrastructure Partners and Masdar, announced that it has closed project financing for the construction of the Lockhart III & IV solar project in San Bernardino County, California. This marks an important step forward in expanding the company’s clean energy portfolio. The total financing secured for the project amounts to $383.3 million. This includes a $236.1 million tax equity bridge loan, a $107.5 million construction and term loan, and an additional $39.7 million in unfunded facilities.
The funding is being provided by a group of four US and international commercial banks: Crédit Agricole Corporate and Investment Bank, ING, NORD/LB, and U.S. Bank through its subsidiary U.S. Bancorp Impact Finance. John O’Connor, CEO of Terra-Gen, stated that the financing of the Lockhart project represents another major milestone for the company. He emphasized that Terra-Gen remains committed to investing in renewable energy projects that deliver reliable and sustainable power. He also highlighted the economic benefits such projects bring to California, including new job opportunities and support for local communities.
The Lockhart III & IV project will supply 205 MWac of clean electricity to the grid, supporting California’s clean energy goals and growing energy needs. Once operational, the facility is expected to generate enough renewable energy to power approximately 94,000 homes each year. Construction began earlier in 2025, and the project is expected to begin commercial operations in 2026. Cupertino Electric is serving as the engineering, procurement, and construction (EPC) contractor, while EPC Services is responsible for building the high-voltage facilities. The solar modules for the project will be supplied by First Solar.
The new facility will be located next to earlier phases of the Lockhart PV project and is partly being built on the former site of Terra-Gen’s SEGS IX solar thermal plant, which was decommissioned in 2024. Power from the project will be delivered through the existing gen-tie line connected to the Kramer Junction Substation. The broader Lockhart complex includes Lockhart I with 85 MW of capacity and Lockhart II with 75 MW. It also features a 45 MW four-hour standalone battery storage system and 129 MW of co-located four-hour storage that is currently under construction.
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