LOS ANGELES, May 15 — CIM Group announced today the launch of Permanent Power Company (the “Company”), a national power platform, following a series of recent transactions including securing a long-term power purchase agreement (PPA) and a $400 million financing commitment.
Permanent Power Company reflects the evolution of CIM Group’s power business from a collection of assets into a long-term power platform designed for scale, durability and sustained ownership across a broader geography and portfolio of assets. In order to best meet the growing needs of clients, the Company consolidates operating solar generation, energy storage, transmission infrastructure and development‑stage projects under one platform, providing greater operational efficiency, financing flexibility and the foundation for expansion nationwide.
The Company believes there is significant and growing demand for power generation and energy storage, and plans to continue developing, acquiring and operating power projects across the U.S. It has an active pipeline of projects and is evaluating a range of opportunities, with a strategic focus on assets located in qualified rural Opportunity Zones.
“Permanent Power Company is a power platform focused on long-term growth and a stable energy supply, domestic power generation, energy storage and transmission,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “Securing this significant, long-term PPA with the regulated power division of a $200 billion global energy supermajor underscores the momentum behind this platform and supports our ability to deliver power to our clients at significant scale.”
Long-Term Power Purchase Agreement with a Regulated Energy Service Provider
Permanent Power Company recently signed a long‑term PPA with an investment-grade, regulated energy service provider, for the entire capacity of solar generation and battery storage at the Grape project. The agreement covers 100 percent of the project’s 246 MW of solar PV capacity and 150 MW (600 MWh) of BESS capacity, providing long‑term contracted revenue from an investment‑grade counterparty.
Permanent Power Company currently operates 652 MW of solar photovoltaic (PV) systems and 360 MW (1,440 MWh) of battery energy storage systems (BESS), as well as 15 miles of transmission lines in California. It also has one project under construction, Grape, and one construction ready project, Daylight, with a combined 550 MW solar PV power generation capacity and 330 MW (1,320 MWh) of BESS. Upon completion, the portfolio is expected to comprise approximately 1,200 MW solar PV and 690 MW (2,760 MWh) of BESS.
The Grape and Daylight projects are located within Westlands Solar Park, one of the largest permitted solar parks in the U.S. encompassing more than 20,000 acres in California’s San Joaquin Valley.
$400 Million Financing from HPS Investment Partners
In further support of the platform’s scale and commercial strength, Permanent Power Company secured a $400 million financing commitment from funds and accounts managed by HPS Investment Partners, part of BlackRock Private Financing Solutions, a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions.
The financing serves as a major milestone that advances the Company’s strategic growth plan focused on delivering power, energy storage and transmission solutions across the U.S. It will help the Company accelerate development of Grape and Daylight while also providing resources to expand its pipeline through strategic acquisitions of future projects.
Together, the long‑term PPA and the $400 million financing highlight confidence from strategic energy partners and capital markets, supporting Permanent Power Company’s development as a scaled platform serving commercial and institutional customers.