Terra-Gen, a leading U.S. renewable energy developer, has secured $383.3 million in project financing for its Lockhart III & IV solar facility located in San Bernardino County, California.

The project is designed to supply 205MW of clean energy to the local grid.

The financing package consists of a $236.1 million tax equity bridge loan, a $107.5 million construction and term loan, and $39.7 million in unfunded facilities. Four international banks—Crédit Agricole Corporate and Investment Bank, NORD/LB, ING, and U.S. Bancorp Impact Finance (a subsidiary of U.S. Bank)—are providing the capital.

Once completed, the combined Lockhart III & IV project will deliver 205 MW AC of solar generation capacity, supplying clean electricity sufficient to meet the annual needs of approximately 94,000 households. The facility supports California's renewable energy targets and helps address rising regional power demand.

Construction commenced earlier in 2025, with commercial operation targeted for 2026. Cupertino Electric serves as the engineering, procurement, and construction contractor, while EPC Services is responsible for high-voltage infrastructure. First Solar will supply the photovoltaic modules.

The new development is situated adjacent to earlier phases of the Lockhart solar complex and partially reuses land previously occupied by the decommissioned SEGS IX solar thermal plant. Grid interconnection will utilise the existing transmission line to the Kramer Junction substation.

Terra-Gen CEO John O'Connor stated: "The financing of our Lockhart project marks another significant milestone in advancing our renewable energy portfolio and strengthening our position in one of the most dynamic renewable energy markets in the country. We are proud to continue investing in projects that deliver reliable, sustainable power and bring new job opportunities that power communities and drive economic growth across the state."

The broader Lockhart complex already includes the operational 85 MW Lockhart I and 75 MW Lockhart II projects, plus a 45 MW standalone four-hour battery storage system and an additional 129 MW of co-located four-hour storage currently under development.

Terra-Gen's operating portfolio comprises 3.9 GW of solar, wind, and energy storage capacity across approximately 30 sites, primarily in California and Texas, with total storage capacity of 5.1 GWh. The company is jointly owned by Igneo Infrastructure Partners and Masdar of the United Arab Emirates.

The successful financing of Lockhart III & IV demonstrates continued strong investor confidence in large-scale solar-plus-storage projects in California and reinforces Terra-Gen's role in expanding reliable, low-carbon electricity generation in the western United States.