Utah Solar 1 Locks In 30-Year LADWP Supply Deal and Five-Bank Construction Debt as 300 MW Millard County Project Moves to Build Phase

EDF Power Solutions North America has secured the financing needed to break ground on Utah Solar 1, a utility-scale solar facility in Millard County, Utah, that is projected to reach commercial operation by mid-2027 and become the largest solar installation in the county upon startup.

A Long-Term Power Deal at the Core

The financial structure underpinning the project rests on a 30-year power purchase agreement with the Southern California Public Power Authority, a joint powers agency that buys electricity on behalf of municipal utilities throughout the region.

The power generated at Utah Solar 1 is designated to serve customers of the Los Angeles Department of Water and Power, the largest municipal utility in the United States. Agreements of this duration provide the extended revenue certainty that lenders require when underwriting construction debt on large-scale energy infrastructure.

Capacity and Expected Output

Utah Solar 1 carries an alternating current rating of 300 megawatts, with a direct current capacity of 394 MWdc. The gap between the two figures reflects standard industry practice: developers install more panel capacity than inverters can handle at any given moment because solar panels rarely all produce at peak levels simultaneously. EDF estimates the facility will generate approximately 766,000 megawatt-hours of electricity each year once it is fully operational.

Five Institutions Fund the Deal

Capital for Utah Solar 1 has been assembled through a lending consortium comprising Crédit Agricole CIB, MUFG Bank, National Bank of Canada, Societe Generale and Standard Chartered. MUFG Bank is serving as administrative agent for the lending facility, and Crédit Agricole CIB took the role of initial coordinating lead arranger.

The financing package also includes a tax credit bridge facility. Crédit Agricole CIB was named sole buyer of the Production Tax Credits the project will generate, a mechanism that has become a routine feature of solar project finance following passage of the Inflation Reduction Act, which made Production Tax Credits transferable and allowed developers to monetise tax benefits they might otherwise be unable to apply directly. Amy Lloyd, CFO of EDF Power Solutions North America, described the milestone as a marker of broader market confidence.

"Reaching financial close on Utah Solar 1 reflects strong market confidence in this asset and marks a major milestone for our team," she said. Financial close is the point at which a project's funding is contractually secured and construction can begin in earnest.

Millard County as an Energy Destination

Although Millard County has a population of roughly 14,000 people, its geographic scale, sunny climate and expansive terrain have drawn sustained interest from both traditional and renewable energy developers. The county's own promotional materials note that multiple energy companies have established operations there to take advantage of solar, wind and geothermal resources. Utah Solar 1 will be located near the Creekstone Energy Delta Gigasite, a data centre campus that has been described as the world's largest data centre campus.

The concentration of energy-intensive operations in the area has increased local demand for new power generation projects and contributed to the approval of multiple energy installations in and around the county. EDF acknowledged that broader data centre expansion across Utah has drawn notable public backlash, while positioning its solar project as a benefit to local residents and the wider state.

Tax Revenue and School Funding

EDF projects that the project will deliver more than USD 40 million in tax revenue to Millard County across its operational life. The company also expects to generate USD 27 million in lease revenue for the Utah Trust Lands Administration, a state body whose land portfolio is used to fund Utah's public school system. "In addition to generating clean power, this development delivers meaningful economic benefits for Millard County and funding for Utah public schools through our work with the Utah Trust Lands Administration," Lloyd said.