Terra-Gen, one of the largest independent, integrated renewable energy producers in the United States, jointly owned by Igneo Infrastructure Partners and Masdar, announced today (Dec 2) it has successfully closed project financing for the construction of the Lockhart III & IV solar project in San Bernardino County, California.
Financing commitments for the project total $383.3 million, including a $236.1 million tax equity bridge loan, a $107.5 million construction and term loan, and an additional $39.7 million of unfunded facilities. The financing will be provided by a group of four commercial US and international banks, including Crédit Agricole Corporate and Investment Bank, ING, NORD/LB and U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance.
"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," said John O'Connor, chief executive officer for Terra-Gen. "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 Lockhart III & IV project will add 205 megawatts (MWac) of clean energy to the local grid in support of California's clean energy initiatives and electricity demand. Once complete, the Lockhart III & IV facility is expected to generate enough renewable energy to power approximately 94,000 homes annually.
Construction on the facility started earlier this year, with commercial operations targeted for 2026. Cupertino Electric is serving as the project's engineering, procurement and construction contractor, EPC Services is constructing the high voltage facilities, and First Solar is supplying the solar modules.
The project, to be located adjacent to earlier Lockhart PV phases, was partially constructed on the site of Terra-Gen's former SEGS IX solar thermal facility, which was decommissioned in 2024. The facility will connect to the grid via the existing gen-tie line to the Kramer Junction Substation.
The Lockhart complex comprises Lockhart I, which has the capacity to generate 85 MW, and Lockhart II, which provides an additional 75 MW, as well as a 45 MW four-hour stand-alone battery storage project and 129 MW of co-located four-hour storage currently under construction.
About Terra-Gen
Terra-Gen, LLC is a leading U.S. developer, owner and operator of utility-scale renewable energy projects in North America. Terra-Gen's gross operating portfolio comprises 3.9 GW of wind, solar and battery storage projects, including 5.1 GWh of energy storage facilities across 30 renewable power sites throughout the U.S., predominantly in California and Texas. Terra-Gen is owned by Igneo Infrastructure Partners, a leading global investment manager with US$22.5 billion in direct infrastructure assets and Abu Dhabi Future Energy Company PJSC - Masdar ("Masdar"), the United Arab Emirates' clean energy powerhouse. For more information, visit www.terra-gen.com.
About Igneo Infrastructure Partners:
Igneo is an autonomous investment team in the First Sentier Investors Group. It invests in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities and transportation / logistics sectors in North America, the UK, Europe, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation and a focus on responsible and proactive asset management. As of September 30, 2025, Igneo managed more than US$22.5 billion in assets for 200 investors around the world. For more information visit igneoip.com
About Masdar
Established in 2006, Masdar (Abu Dhabi Future Energy Company) is a global clean energy leader, transforming how the world produces and consumes energy through bold innovation and commercial excellence.
Masdar is a clean energy investor, developer and operator, advancing renewable energy projects across key markets and technologies, with a global project portfolio capacity to date of over 51 gigawatts (GW).
Jointly owned by TAQA, ADNOC and Mubadala, Masdar is driving the scale-up of renewables worldwide, targeting a portfolio capacity of 100GW by 2030.
For more information, please visit: https://www.masdar.ae and connect: facebook.com/masdar.ae and https://x.com/Masdar.
Contacts
Terra-Gen media contact: Paty Mitchell, media@terra-gen.com
For Masdar media enquiries, please contact: press@masdar.ae
