July 19, 2021

CohnReznick Capital Advises CIM Group in Raising Tax Equity and Debt for 250MW Solar Project

CIM Group (“CIM”), a community-focused real estate and infrastructure owner, operator and developer, has closed on tax equity and debt financings for Project Aquamarine, a 250-MW solar photovoltaic project located in Kings County, CA. Currently under construction, Aquamarine is expected to begin commercial operation in fall 2021 and will supply clean energy to several California cities, including Davis, Woodland, and Winters.

CohnReznick Capital acted as the financial advisor to CIM on the transaction.

Aquamarine is the first utility scale project of CIM’s flagship Westlands Solar Park, one of the largest permitted solar parks in the country, which upon completion will have an estimated 2.7-GW of renewables capacity and will provide clean energy to approximately 1,200,000 California homes.

“We take great pride in helping sponsors navigate complex financings of this scale,” said Manish Hebbar, CohnReznick Capital Managing Director and Deal Lead.

“The Westlands Project is a testament to CIM and the industry’s ability to serve the growing needs of the market and consumers alike for renewable energy,” said Conor McKenna, Senior Managing Director, CohnReznick Capital.

For additional details on this transaction, please contact Manish Hebbar, Managing Director.

For the full press release, please click here.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests.