- SB Energy has raised $2.4 billion in financing for a solar portfolio of 1.3 GW in the US
- Out of 4 utility-scale projects in this portfolio, 3 qualify for IRA benefits for using domestic content
- These include First Solar modules and Nextracker trackers along with locally-produced structural steel
SB Energy Global has announced raising well over $2 billion in financing to support the construction of 4 utility-scale solar power projects in the US. Of these projects that represent a combined 1.3 GW capacity, it says 3 are 1st large-scale projects in the country to reach financial close with the domestic content adder under the Inflation Reduction Act (IRA).
To meet the domestic content criteria for IRA benefits, SoftBank Group-backed SB Energy is using 1.1 million of high domestic content solar modules from First Solar’s Ohio fab. Nextracker is supplying trackers made using components from its local suppliers in Pennsylvania, Nevada and Tennessee, among others.
Even structural steel for the facilities will use domestically sourced steel from Texas and Georgia, according to the company.
“The IRA’s domestic content and energy community incentives were designed to expand America’s manufacturing base and create good-paying jobs in communities that need them,” said SB Energy Co-CEO Rich Hossfeld. “We are thrilled to be the first company to reach financial close on projects that utilize these adders with our partners J.P. Morgan Chase, Bank of America, Morgan Stanley Renewables Inc., and Truist Bank.”
The $2.4 billion financing includes close to $800 million in tax equity and $450 million in term debt and $1.2 billion in construction debt.
SB Energy says these 4 projects, located in energy communities with higher-than-average unemployment rates due to fossil fuel plant closures and retirements, support more than 3,600 new direct and supply chain jobs.