A network of project subsidiaries secured senior credit facilities for a Kings County clean-energy development, with the fund itself shielded from recourse.

June 24, 2026

Indirect subsidiaries of CIM Opportunity Zone Fund, L.P. have entered into a major project financing arrangement to fund a large-scale solar and battery storage development in California, according to a disclosure dated June 23, 2026.

On June 16, 2026, Westlands Grape, LLC and Westlands Grape LandCo, LLC — collectively the borrowers — signed a Financing Agreement establishing a suite of senior secured credit facilities. The borrowers are held indirectly by the fund through Permanent Power Company, LLC, identified as the sponsor. Wells Fargo Bank serves as administrative agent and Truist Bank acts as collateral agent for the secured parties, alongside a group of participating lenders and letter of credit issuers.

Credit Facility Structure

The credit facilities total well over $900 million in potential commitments across four components:

• A construction loan facility of up to approximately $372.2 million.
• A bridge loan facility of up to roughly $166.7 million, expected to be repaid primarily through the transfer of investment tax credits generated by the project under Section 6418 of the Internal Revenue Code.
• A term loan facility of up to approximately $372.2 million, funded when the construction loans convert.
• Letter of credit facilities with a maximum stated amount of about $61.3 million.

Borrowings bear interest based on either daily simple SOFR or a base rate, plus an applicable margin, and the borrowers entered into interest rate hedging arrangements covering a portion of the term loan exposure.

Project Scope

The proceeds will finance the development, construction, ownership, and operation of an approximately 246.4 MWac solar photovoltaic facility paired with an approximately 150 MWac / 600 MWh battery energy storage system in Kings County, California. Funds will also cover certain reserves, capitalized fees and interest, and transaction costs.

Collateral and Recourse

The arrangement is backed by an extensive security package in favor of Truist Bank. Borrower entities granted first-priority interests in substantially all of their assets, pledged membership interests in subsidiaries, and recorded construction deeds of trust against the project site. The sponsor also provided guarantees supporting certain borrower payment obligations.

Notably, the fund itself has not guaranteed the borrowers’ obligations. Recourse under the credit facilities is generally limited to the borrowers, the parent pledgor, the sponsor, and the pledged collateral, insulating the broader fund from direct liability.

The agreement contains covenants customary for project financings, including compliance with the Federal Power Act, prevailing wage and apprenticeship requirements tied to the investment tax credit, a minimum debt service coverage ratio, and required reserves. Nathan D. DeBacker, chief accounting officer, signed the disclosure on behalf of the fund.