Cape Station Enhanced Geothermal System (EGS) — Phase 1 ~100 MW, scaling to 500 MW by early 2027, Beaver County, Utah
First commercial-scale non-recourse project finance for an enhanced geothermal system (EGS) in the US. Debt package: $309M construction-to-term loan + $61M tax credit bridge loan + $51M LC facility. RBC Capital Markets served as financial advisor and coordinating lead arranger. Additional lenders: J.P. Morgan, Bank of America, and Sumitomo Mitsui Trust Bank. PPAs with Southern California Edison and Shell Energy. Cape Station will reach 500 MW by early 2027.
$421M
Deal Value
500MW
Capacity
Geothermal
Technology
UT
Location
Deal Details
- Deal Type
- Project Finance
- Seller / Sponsor
- Fervo Energy
- Buyer / Financier
- RBC Capital Markets, Barclays, BBVA, HSBC, MUFG, Société Générale, J.P. Morgan, Bank of America, Sumitomo Mitsui Trust Bank
- Offtaker
- Southern California Edison, Shell Energy
- Deal Value
- $421M
- Stage
- Under Construction
- ISO/RTO
- WECC
- Source
- Renewable Energy World
Capital Structure
$421M
Total transaction value
Tranches
- Construction-to-Term Loan · RBC Capital Markets, Barclays, BBVA, HSBC, MUFG, Societe Generale (Coordinating Lead Arrangers); J.P. Morgan, Bank of America, Sumitomo Mitsui Trust Bank (participating lenders)
- $309M
- Tax Credit Bridge Loan · Same lender consortium
- $61M
- Letter of Credit Facility · Same lender consortium
- $51M
Service Providers
Advisory & Legal
- Financial Advisor
- RBC Capital Markets
Finance Counterparties
Lenders & Capital Providers
- constructionDebtArrangers
- RBC Capital Markets; Barclays; BBVA; HSBC; MUFG; Société Générale
- additionalLenders
- J.P. Morgan; Bank of America; Sumitomo Mitsui Trust Bank
- constructionDebtAmount
- $309M
- taxCreditBridgeAmount
- $61M
- lcFacilityAmount
- $51M
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