rPlus Energies, a solar and energy storage project developer, has secured over $500 million in tax equity funding commitments to support the development and construction of the Green River Energy project in Emery County, Utah.
The hybrid project includes 400 MWAC of solar PV, combined with 400 MW/1,600 MWh of battery energy storage system, and has a long-term power purchase agreement in place with PacifiCorp. The project is currently under construction and is scheduled for completion in 2026.
RBC Community Investments and a syndicate of investors provided the funding commitment. The funding will utilize the federal Investment Tax Credit. Norton Rose Fulbright, CCA, and Dorsey & Whitney advised rPlus Energies, and Sidley Austin and Snell & Wilmer advised RBC on behalf of the tax equity syndicate.
“We are proud to partner with rPlus and provide tax equity financing for this landmark clean energy project. The economic and energy benefits that the Green River Energy Center will bring to the region were key factors in the transaction for RBC and our co-investors, including locally based FJ Management,” said Jonathan Cheng, Managing Director and Head of RBC’s renewable energy tax equity investments and syndications.
In 2024, the company also secured over $1 billion in construction debt financing for its Green River Energy Center, which comprises 400 MW of solar PV and 400 MW/1,600 MWh of energy storage.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale solar project funding increased by 27% in Q1 2025 compared to Q1 2024.
Last month, Ormat Technologies, a geothermal and renewable energy company, entered into a $62 million hybrid tax equity partnership with Morgan Stanley Renewables. The funding will be used to develop the 60 MW/129 MWh Lower Rio energy storage project, the 35 MW/140 MWh Arrowleaf storage, and the 42 MW solar projects.
