energyRe has secured $155 million in venture financing and a $85 million tax fairness dedication for its 108 MW Lone Star Photo voltaic venture and 198 MW BESS, situated in South Carolina.
Financing for the venture contains building debt, tax fairness bridge facility and letter of credit score facility, with Santander appearing because the coordinating lead arranger. Financial institution of America has dedicated the tax fairness. The transaction was led by the energyRe M&A and Investments groups.
“Lone Star Photo voltaic displays energyRe’s dedication to accelerating the U.S. vitality transition with dependable, clear energy,” says Miguel Prado, CEO of energyRe.
“We’re grateful to our monetary companions for supporting Lone Star Photo voltaic, which will probably be one of many largest photo voltaic and storage services within the Southeastern United States. Right now’s announcement underscores energyRe’s market management and our confirmed monitor file of delivering outcomes for our communities.”
The venture is beneath building and is predicted to be operational by fall.
Final January, the corporate introduced a 10-year PPA with Dominion Vitality South Carolina for Lone Star Photo voltaic. Syensqo is slated to buy the entire renewable vitality certificates generated by the venture.
