The capital secures the development of a 360-megawatt portfolio, bringing energyRe significantly closer to its stated goal of investing $2 billion in South Carolina by 2030. These projects are backed by 25-year power purchase agreements and are expected to generate substantial tax revenue for local governments throughout their operational lifespan.
In section Releases
energyRe Secures $815 Million for South Carolina Solar Expansion
With an $815 million financing package, energyRe has locked in funding for five utility-scale solar projects across South Carolina. The deal, which adds 360 megawatts of generating capacity, stands as one of the largest solar-only project financings in the state’s history, signaling a major shift in local energy infrastructure.
Bank of America, Canadian Imperial Bank of Commerce, and Santander spearheaded the funding, with Santander acting as financial advisor. According to Pedro Pereira, Chief Financial Officer at energyRe, the transaction highlights institutional confidence in the firm’s asset quality and its ability to scale utility infrastructure. The company currently manages a 1.8-gigawatt portfolio across four states, with this latest influx pushing total funds raised for its solar initiatives beyond $1.9 billion.
Comments (0)
No comments yet. Be the first!