$240 Million Financing & Equity Commitment For US Project

• The Lone Star Solar and Storage Project of energyRe has raised $240 million in financing commitments
• It comprises $155 million in project financing and $85 million committed by the Bank of America in tax equity
• The South Carolina located solar power plant is contracted under a 10-year PPA with the DESC

Independent energy company energyRe has secured $240 million in financing and tax equity commitments for its 108 MW DC Lone Star Solar Project with 198 MWh storage, calling it one of the largest solar and storage facilities in the southeastern US.

Of the total proceeds, $155 million in project financing comprises construction debt, tax equity bridge facility, and letter of credit facility. Santander acted as the coordinating lead arranger. The remaining $85 million has been committed by Bank of America in tax equity.

According to energyRe, the project qualifies for Investment Tax Credits (ITC) under the Inflation Reduction Act (IRA).

The project is currently under construction and scheduled to become operational by fall 2024. It is contracted to sell power generated to Dominion Energy South Carolina (DESC) under a 10-year power purchase agreement (PPA) (see North America PV News Snippets).

Chemical producer Syensqo will purchase 100% of the renewable energy certificates (REC) generated by the facility to lower its carbon emissions for close to 35% of its US electricity purchases.