rPlus Energies, a U.S.-based renewable energy project developer, has secured over $650 million in debt facilities, along with tax equity financing commitments, for its 400 MWac/520 MWdc Blacks Creek Energy Center.
Located in Ada County, Idaho, the project will supply electricity to Idaho’s Power grid and support Meta’s public commitments related to the energy use of its Kuna data center, while also serving additional Idaho Power load demand.
The financing package comprises a debt facility led by Santander Corporate & Investment Banking and KeyBanc Capital Markets. Upon reaching commercial operation, the project is expected to transition to a long-term loan facility. The project is also supported by a tax equity commitment from Santander.
“Santander is proud to support rPlus in this strategic financing,” said Nuno Andrade, a U.S. head of structured finance and global head of structured finance digital infrastructure and REGAL at Santander Corporate & Investment Banking. “rPlus is an established innovator in solar energy across the American West, funding the local economy through significant tax revenue and landowner payments. By delivering a financing solution that combines tax equity with our leading project finance and advisory practice, Santander is positioned as an end-to-end strategic partner supporting rPlus’s ambitious growth strategy.”
Latham & Watkins and Dorsey & Whitney acted as legal counsel to rPlus Energies, while Milbank and Parsons Behle & Latimer served as legal counsel to Santander and KeyBanc for both debt and tax equity financings.
The company previously developed the Pleasant Valley Solar 1 project, currently operational under different ownership, in Ada County, and expects Pleasant Valley Solar 2 to reach commercial operation in spring 2026. rPlus-developed projects in Ada County, across operational, under-construction, and contracted stages, collectively account for nearly 1 GW of energy capacity.
In November 2025, the company acquired two solar and storage projects in Ada County, Idaho. The projects, Blacks Creek Energy Center and Bluebird Solar, represent a combined 900 MW of solar and storage capacity.
Large-scale project funding increased by 37% in 2025 compared to 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
