Copia Power Closes $1.2 Billion Construction-to-Term Loan Financing for Arizona Renewable Energy Projects

Stoel Rives is pleased to have represented Copia Power in securing a $1.2 billion construction-to-term loan financing that will be used to fund the construction of the Harquahala Sun 1 and Harquahala Sun 2 projects, which will annually produce 450 MW of solar power and include a 300 MW/1200 MWh battery energy storage system. The projects—the first two phases of Copia Power’s Harquahala Sun complex—are expected to be completed in early 2025.

Copia Power is an energy transition company committed to accelerating decarbonization in all areas of the U.S. economy through the development and construction of large-scale infrastructure assets. With the backing of Carlyle, one of the world’s largest global investment firms, Copia Power is engaged in developing more than 17 GW of solar and energy storage projects in the U.S.

The Stoel Rives deal team was led by Alex Mertens and included Heather Stewart, Kevin Pearson, Bo Harvey, Alex Pearson, Samara Cohen, and Chris Pearson, among others.

For more on the deal, see the Copia press release.