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X-Caliber Rural Capital Provides $100 Million Loan For Fervo Energy's Cape Station Project In Utah

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FINANCED
$100,000,000

New York

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Industrial222 SF
Financed 08/10/2024
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FINANCED

X-Caliber Rural Capital Provides $100 Million Loan For Fervo Energy's Cape Station Project In Utah

Industrial222 SF
Financed 08/10/2024
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$450,450
Total Square Footage:222 SF
Transaction Type:Loan

The transaction involves a loan for the construction of the Cape Station project by Fervo Energy, an industrial asset located in Beaver County, Utah. The loan amount is $100,000,000, facilitating Phase I development, which aims to generate 90 MW of renewable energy capacity. The project is on track for completion by June 2026 and is part of a larger initiative to achieve 400 MW of carbon-free power by 2028.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $100,000,000
  • Lender: X-Caliber Rural Capital
  • Lender Representatives: Nash Stapleton, Chris Callahan, Jordan Blanchard
  • Landlord: Fervo Energy
  • Landlord Representative: Tim Latimer
  • Loan Type: Construction

This transaction supports a significant renewable energy initiative, indicating a collaborative effort between Fervo Energy and X-Caliber Rural Capital. The Cape Station project is already contracted to supply up to 400 MW of renewable energy to utilities in California, impacting local power availability. Additionally, the multi-phased development is expected to result in 6,600 construction jobs and 160 full-time positions.

Players

X-Caliber Rural Capital
X-Caliber Rural Capital
LENDER

Details

FINANCED
IMAGE: Nash Stapleton, Tim Latimer, Chris Callahan & Jordan Blanchard DATE: 08/10/2024 MARKET: Utah ASSET TYPE: Industrial LENDER: X-Caliber Rural Capital (@XCaliberCap) - Nash Stapleton, Chris Callahan & Jordan Blanchard LANDLORD: Fervo Energy - Tim Latimer LOAN AMOUNT: $100,000,000 LOAN TYPE: Construction NOTE FROM LENDER: X-Caliber Rural Capital affiliate XRA LLL closed a $100MM bridge loan for the world's largest next-generation geothermal energy project. The loan will support Phase I development of Fervo Energy’s Cape Station project in Beaver County, Utah, located northeast of Milford. Cape Station Phase I will generate 90 MW of renewable energy capacity and is expected to be completed by June 2026. Phase I is part of a multi-phased development that will create 400 MW of carbon-free, firm capacity to supply around-the-clock power to the grid by 2028. The project is already contracted to deliver up to 400 MW of renewable energy to utilities in California that will supply hundreds of thousands of local homes with power. Multiple phases of development at Cape Station are expected to produce 6,600 construction jobs and 160 full-time positions.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$100,000,000.00

Monthly NOI$666,666.67
Monthly Debt Service$632,068.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00