Over $1 Billion Debt For RPlus Energies’ RE Project

US-based renewable energy and energy storage projects developer and operator rPlus Energies has raised more than $1 billion in debt financing for a 800 MW solar and storage project, which it says is among the largest projects of its kind in the country.  

The Green River Energy Center project in Utah’s Emery County is planned to have 400 MW of solar PV and 400 MW/1,600 MWh of battery energy storage system (BESS) capacity. This facility is contracted under a power purchase agreement (PPA) with PacifiCorp.  

Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets, MUFG Bank, Ltd., Truist Securities Inc., and Wells Fargo Securities, LLC are the 5 financial institutions that have pooled in the $1 billion construction debt financing for this project.  

The project is one of the largest planned solar-plus-storage facilities in Utah and among the most expansive solar energy facilities within PacifiCorp’s system, according to rPlus. It also marks the debut of the company as an independent power producer (IPP).  

Approximately 500 construction jobs are expected to be generated with this project. Once operational, it will boost local tax revenue for the county. The project will be constructed by EPC contractor Sundt Renewables.  

Earlier this year in February 2024, rPlus raised up to $460 million from Sandbrook Capital for its 1 GW shovel-ready power generation and storage projects pipeline (see North America Solar PV News Snippets).