Impact Finance invests in renewable energy project benefitting Viejas Band

The debt and tax equity package involved Indian Energy, DOE and Starbucks

Solar and battery storage is coming to San Diego County's Alpine, California, for the Viejas Band of Kumeyaay Indians, a federally recognized, self-governing Indian Nation.

U.S. Bancorp Impact Finance worked with Indian Energy, the U.S. Department of Energy (DOE) and the Viejas Band to originate, structure, underwrite and close on a debt plus tax equity financing package for the Viejas Microgrid project. In addition, Impact Finance introduced Starbucks Corporation to the project and facilitated their participation as a tax equity co-investor and Renewable Energy Credit (REC) purchaser.

The Viejas Microgrid Project, which is already under construction with expected completion in September 2025, will provide the Viejas Band new, reliable utility-scale renewable energy generation and storage infrastructure through the installation of a 15 MW photovoltaic solar generation system and a 70 MWh battery long duration energy storage system that will provide power to the Viejas Casino & Resort.

"This solar microgrid project will enable us to create a reliable and sustainable source of clean energy for our gaming, hospitality, and retail operations going forward," said Chairman John Christman of the Viejas Band of Kumeyaay Indians. "In turn, the associated non-lithium battery system supports the environmental protection and cultural stewardship of our ancestral land, thereby ensuring the vibrant future of our children."

Darren Van't Hof, who serves as Impact Finance's managing director of environmental finance added, "U.S. Bancorp Impact Finance is excited to partner with Indian Energy LLC and the Viejas Band of Kumeyaay Indians, an indigenous community dedicated to energy independence. We appreciate the collaboration among all project participants and look forward to supporting the construction and completion of this impactful investment."

According to the Department of Energy, the carport solar PV + BESS microgrid project is expected to create 250 construction jobs and eight operational jobs. Indian Energy, a 100% Native American-owned and operated microgrid developer and systems integrator, is the developer of the project. Impact Finance is providing the construction and permanent debt for the project with a DOE guaranty. Impact Finance and Starbucks are providing the tax equity for the project.