energyRe has closed an $815 million financing package for five utility-scale solar projects in South Carolina that total about 360 megawatts (MW) of new generating capacity.
The company describes it as one of the largest solar-only project financing deals in the state’s history, and it moves energyRe closer to its goal of investing $2 billion in South Carolina by 2030.
Bank of America, Canadian Imperial Bank of Commerce, and Santander backed the transaction. Bank of America served as documentation agent, and Santander was financial advisor to energyRe.
All five projects are contracted under 25-year power purchase agreements and are expected to bring in tens of millions of dollars in revenue for local governments.
“This portfolio financing is our largest to date, and it reflects the confidence our lenders have in both the quality of our assets and our team’s ability to deliver,” said Pedro Pereira, Chief Financial Officer of energyRe, in a statement. “South Carolina is at the center of our growth strategy, and this closing moves us meaningfully closer to our goal of investing $2 billion in the state by 2030.”
energyRe has broken ground on roughly 450 MW over the past year and has nearly 700 MW operating or in late-stage development. Its portfolio of more than 1.8 gigawatts (GW) spans 20 projects across South Carolina, North Carolina, Nebraska, and Oklahoma.
With this deal, the company has raised more than $1.9 billion in financing for its solar portfolio.
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