Overview
- The $421 million project debt comprises a $309 million construction-to-term loan, a $61 million tax credit bridge, and a $51 million letter-of-credit facility.
- Funds will cover remaining first-phase construction at the Beaver County, Utah site and satisfy counterparty credit support requirements.
- Cape Station is contracted through PPAs with Southern California Edison, Shell Energy, and California community choice aggregators.
- Fervo expects first power in 2026, roughly 100 MW in operation by early 2027, and a buildout path to 500 MW.
- RBC Capital Markets led the financing with Barclays, BBVA, HSBC, MUFG and Société Générale, with lenders including J.P. Morgan, Bank of America and Sumitomo Mitsui Trust Bank.