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Kern County Solar Project - California
PROJECT ID: CA-KERN-001
California Kern County Utility-Scale Solar

Kern County Solar Project

A 100 MW high-irradiance utility-scale solar installation delivering strong, stable returns with long-term PPAs under the CAISO grid.

100.00 MW
Capacity
12.1%–13.0%
IRR
20 Years
PPA Term
Q3 2026
COD
245,000 MWh
Annual Output
6.2 kWh/m²
Solar Resource
20 Years
PPA Contract
Tier 1
Equipment
25 Yrs
Warranty
Approved
All Permits

Project Overview

The Kern County Solar Project represents a strategic utility-scale deployment in one of California's highest solar irradiance regions. Located in the heart of the San Joaquin Valley, this 100 MW installation leverages proven bifacial module technology and single-axis tracking systems to maximize energy yield across a 600-acre site.

The project benefits from direct interconnection to the CAISO grid via a dedicated 230kV transmission line, ensuring minimal curtailment risk and optimal dispatch capabilities. Long-term power purchase agreements with investment-grade utilities provide stable, predictable cash flows over a 20-year operational period.

Development is in advanced stages with all major permits secured, interconnection agreements executed, and engineering procurement underway. Construction is scheduled to commence Q1 2026 with commercial operation targeted for Q3 2026.

Location
Kern County, CA
San Joaquin Valley
Site Area
600 Acres
Fully Secured
Offtaker
Pacific Gas & Electric
Investment Grade
Grid Operator
CAISO
Direct Interconnection

Investment Thesis

High Solar Resource

6.2 kWh/m²/day average irradiance

Contracted Revenue

20-year PPA with escalation

Proven Technology

Tier 1 equipment, 25-year warranty

De-risked Execution

All permits approved, EPC selected

Technical Specifications

Solar Modules

Technology Bifacial Monocrystalline PERC
Module Power 550 Wp
Total Modules 181,818 units
Manufacturer Tier 1 (LONGi / JinkoSolar)
Warranty 25 years performance

Inverters & Balance of System

Inverter Type Central Inverters
Inverter Rating 2.5 MW AC per unit
Total Inverters 40 units
DC/AC Ratio 1.28
Transformer 230kV step-up

Tracking & Structure

System Single-axis horizontal tracker
Tracking Range ±60 degrees
Foundation Driven pile / ballast hybrid
Wind Rating 130 mph (3-second gust)
Snow Load 25 lb/ft²

Performance Metrics

First Year Output 245,000 MWh
Capacity Factor 27.9%
Performance Ratio 84.2%
Degradation 0.45% annual
P50 Energy Yield 5.89 GWh (25-year avg)

Investment Returns

Levered IRR
12.1% – 14.8%
Base to upside case
Unlevered IRR
8.2% – 9.7%
Project returns
Cash Yield (Year 5)
9.8%
On invested equity
Equity Multiple
2.4x – 2.9x
25-year hold

Capital Structure

Total Project Cost
$128.5M
Debt
$96.4M
75% LTV
Equity
$32.1M
25%
Cost per Watt
$1.285/W
DC basis
Debt Terms
Interest Rate 6.25%
Tenor 18 years
DSCR (Min) 1.35x

Revenue Model

PPA Price (Year 1) $48.50/MWh
Annual Escalation 2.0%
Revenue (Year 1) $11.9M
EBITDA Margin 87.3%
Project Schedule

Development Timeline

Tracking milestones from site control through commercial operation

Phase 1
Q1 2024

Site Control & Due Diligence

Land option agreement executed, title search completed

Completed
Phase 2
Q2-Q3 2024

Permitting & Environmental Review

CEQA categorical exemption, CUP approval from Kern County

Completed
Phase 3
Q4 2024

Interconnection Agreement

CAISO Phase II study complete, generator interconnection agreement

In Progress
Phase 4
Q4 2024

PPA Execution

20-year power purchase agreement with PG&E finalized

Upcoming
Phase 5
Q1 2025

Financial Close

Construction financing secured, equity commitment finalized

Upcoming
Phase 6
Q2 2025

Construction Start

Notice to proceed, EPC contractor mobilization, grading begins

Upcoming
Phase 7
Q4 2025

Mechanical Completion

Modules installed, inverters commissioned, grid testing

Upcoming
Phase 8
Q1 2026

Commercial Operation Date

Final acceptance, revenue generation begins, investor distributions start

Upcoming
Project Progress 32%
Location Details

Location & Interconnection

Strategic positioning in California's premier solar development region

Site Characteristics

County Kern County, CA
Land Tenure 35-year lease, 2x10 option
Acreage 640 acres (fenced)
Elevation 450 ft
Slope <2% (ideal)

Solar Resource

GHI 5.9 kWh/m²/day
DNI 7.2 kWh/m²/day
Annual Sunlight 300+ days/year
Avg Temp 68°F / 20°C
Soiling Factor 2% annual loss

Grid Connection

Utility Pacific Gas & Electric
ISO CAISO
POI Voltage 230 kV
Distance to POI 1.2 miles (gen-tie)
Network Upgrades $3.2M (included)

Off-taker Details

Buyer PG&E Corporation
Credit Rating BBB (S&P)
PPA Term 20 years
Contract Type Bundled (Energy + RECs)
Settlement Monthly in arrears
Risk Analysis

Risk Assessment

Comprehensive risk evaluation and mitigation strategies

Resource Risk

Low

10+ years of satellite irradiance data; P90 production estimate provides 95% confidence in minimum output levels.

Technology Risk

Low

Tier-1 bankable equipment (LONGi/JinkoSolar) with 25-year warranties; proven technology with 10+ year track record.

Off-take Risk

Low

PG&E investment-grade counterparty; 20-year fixed-price PPA with 2% annual escalation provides revenue certainty.

Curtailment Risk

Medium

CAISO economic curtailment possible; 3% annual curtailment factored into base case; favorable POI location minimizes exposure.

Regulatory Risk

Low

California RPS mandate drives demand; ITC grandfathered at project start; stable policy environment through 2035+.

Construction Risk

Low

Fixed-price EPC contract with experienced contractor (McCarthy); 12-month construction schedule with contingency buffer.

Ready to Invest in California Solar?

Join institutional investors participating in one of California's premier utility-scale solar developments. Target returns of 12.1% – 14.8% IRR with 20-year contracted cash flows.

Project Disclaimer: All energy production figures, capacity projections, timelines, and financial estimates presented are forward-looking statements based on current engineering assessments and market conditions. Actual results may vary due to weather patterns, regulatory changes, equipment performance, and other factors. This information is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Regulatory approvals are subject to government processes and timelines beyond our control.