CIM Group has launched Permanent Power Company, a national power platform, following a series of recent transactions that include securing a long-term power purchase agreement (PPA) and a $400-million financing commitment from HPS Investment Partners, part of BlackRock Private Financing Solutions.
Permanent Power Company reflects the evolution of CIM Group’s power business from a collection of assets into a long-term power platform designed for scale, durability and sustained ownership across a broader geography and portfolio of assets. Its initial portfolio consists of approximately 1,200 megawatts of solar photovoltaic systems, 690 MW of battery energy storage systems capacity and 15 miles of transmission infrastructure in California
“Securing this significant, long-term PPA with the regulated power division of a $200-billion global energy supermajor underscores the momentum behind this platform and supports our ability to deliver power to our clients at significant scale,” said Avi Shemesh, co-Founder and principal, CIM Group
Pictured: CIM Group’s Terrava Renewables facility in Suffolk, VA.
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