As artificial intelligence and data center development continue to grow in importance within the real estate marketplace, one company is looking to capitalize on the need for power.
CIM Group plans to launch a national power platform, Permanent Power Co., to invest in rural qualified opportunity zones, the firm announced on Friday.Â
With the move, the Los Angeles-based firm will consolidate its operations in solar generation, energy storage, transmission infrastructure and development projects under one umbrella.
Permanent Power Co. currently has one solar project under construction, known as the Grape project, and another construction-ready project named Daylight. Both projects are located within a 20,000-acre solar park in California’s San Joaquin Valley.
The new company also secured $400M in financing from HPS Investment Partners. The financing will be used to advance the company’s growth plan and accelerate the development of the Grape and Daylight projects.
CIM Group has provided financing for several large data centers through Novva Data Centers. In March 2025, the duo received commitments of $2B in financing from J.P. Morgan and Starwood Property Trust to complete Novva’s Salt Lake City data center in Utah.
Power has become one of the biggest focal points in the race to build data centers. Aging infrastructures and strained grids have pushed developers and operators to look for other sources, including nuclear energy.
