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Kookmin Bank to co-finance $840 mn US solar project

Koomin commits $100 mn as a syndicated loan lender for a solar power project in California

Jul 22, 2021 (Gmt+09:00)

(Source: Getty Images Bank)
(Source: Getty Images Bank)
Kookmin Bank, South Korea's largest lender, will provide a $100 million loan to finance a solar power project led by US-based investment firm ECP as part of a $840 million syndicated loan.

The bank said on Thursday it has participated in the project financing, together with Deutsche Bank, BNP Paribas and ING Bank.

ECP, with a focus on energy infrastructure, is borrowing the syndicated loan for the first phase of the project to build a solar power generator with a capacity of 1,188 megawatts and an energy storage system with a capacity of 2,165 megawatts per hour in California.

Once completed, the power generator will become the largest solar farm in North America, in line with the state of California's goal of making a complete transition to renewable energy by 2045. 

Kookmin said the investment reflected its aggressive deal sourcing efforts.

insight@hankyung.com

Yeonhee Kim edited this article.

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