Copia Power, a renewable energy developer owned by investor Carlyle Portfolio, has closed a $1.71 billion debt financing arrangement to fully fund the construction of its Maricopa Energy Center solar + storage project.
Located in Maricopa County, Arizona, the project includes a 550MW solar farm and its supporting deployment of a 2,200MWh battery storage system. The project will be constructed in two phases and is expected to open for operation in 2026-2027.
Copia Power has entered into a power purchase agreement (PPA) with utility vendor Arizona Public Service (APS) for the project. The company said that once the project is fully operational, it will be the largest solar + storage project in Arizona.
The project financing was executed by BNP Paribas, Canadian Imperial Bank of Commerce (CIBC), crdit Agricole CIB, KeyBanc Capital Markets, Natixis CIB, and Wells Fargo Bank as coordinating lead arrangers, providing $1.71 billion for the construction and operation of the Maricopa Energy Center solar + storage project .
With the opening of the Maricopa Energy Centre project, the total installed capacity of solar farms financed by the company in Arizona reaches 1.5GW, with a total capacity of 4.5GWh of energy storage systems.In addition, Copia Power said it is developing 15GW of renewable energy projects and a 12GW data center campus in the United States.
In January, utility vendor Southern California Edison (SCE) has filed an application with the California Public Utilities Commission (CPUC) to expedite the approval of a power purchase agreement related to Copia Power's Centennial Flats solar + storage project in La Paz County, Arizona.
Arizona's electricity demand continues to grow, and the Phoenix metropolitan area's electric load is expected to climb rapidly. According to data released by the Arizona Public Utilities Commission, the state recorded its highest electricity demand during the July and early August 2024 heat wave, and as the state's economy continues to grow, so will electricity demand.
APS has signed several power purchase agreements for clean energy projects in Arizona, including a power purchase agreement with US-based renewable energy developer Avantus, Inc. for power from its 100MW solar farm development in Pinal County, Arizona. Previously, APS signed a power purchase agreement with Strata Clean Energy for power from its 100MW/400MWh White Tank energy storage project in Avondale, Arizona.
APS also signed a 20-year power purchase agreement with Strata in May 2023 for the purchase of 255MW/1GWh of battery storage system power.
Commenting on the financing of the Maricopa Energy Centre solar + storage project, Dan Murphy, Managing Director and Head of Investments at Copia Power, said, "Securing financing for the Maricopa Energy Centre solar + storage project is a significant milestone for Copia Power as we continue to build large-scale energy generation facilities and critical infrastructure. The fact that we have raised more than $3.5 billion in financing in less than six months is a testament to the strength of Copia Power, the value of our assets and the continued support of our investment partners."
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