rPlus Energies (rPlus), a solar and energy storage project developer, 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.
Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets, MUFG Bank, Truist Securities, and Wells Fargo Securities contributed to the debt financing deal as coordinating lead arrangers. MUFG Bank is the lender’s administrative agent.
Norton Rose Fulbright acted as lead counsel, while Dorsey & Whitney served as special Utah counsel to rPlus. Winston & Strawn represented the lenders on Utah law matters, with support from Snell & Wilmer.
The Green River Energy Center project in Emery County, Utah, already has a power purchase agreement with PacifiCorp. According to the company, the project is expected to generate approximately 500 construction jobs and boost local tax revenue for Emery County.
Sundt Renewables will provide engineering, procurement, and construction services.
“The Green River Energy Center marks rPlus Energies’ debut as an independent power producer,” said rPlus Energies’ President & CEO, Luigi Resta. “We deeply thank the five esteemed lenders and their affiliates and syndicate members for supporting one of the country’s largest projects.”
Mercom’s recently released 1H and Q2 2024 Solar Funding and M&A report announced that large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Solar project development and investment management firm Sun Investment Group (SIG) obtained debt funding last month for a mid to late-stage solar PV project pipeline in Poland with a total capacity of 1,970 MW. An international debt fund is entirely subscribed to financing, which will support the projects’ development.
