– EnergyRe secured US$155 million in project financing and a US$85 million tax equity commitment for the Lone Star Solar project in South Carolina.
– The project will include a 108 MWdc solar facility and a 198 MWh Battery Energy Storage System and is expected to be operational by 3Q24.
– The project has received financial support from Santander and Bank of America, qualifies for Investment Tax Credits, and has a 10-year power purchase agreement with Dominion Energy South Carolina.
EnergyRe has secured US$155 million in project financing and a US$85 million tax equity commitment for its Lone Star Solar project and Battery Energy Storage System (BESS) in South Carolina. The project is under construction and expected to be operational by 3Q24. The financing includes construction debt, tax equity bridge facility, and letter of credit facility with Santander acting as the Coordinating Lead Arranger. Bank of America has committed the tax equity. The project qualifies for Investment Tax Credits under the Inflation Reduction Act. EnergyRe’s CEO, Miguel Prado, expressed the company’s commitment to accelerating the US energy transition with reliable, clean power.
The project has also secured a 10-year power purchase agreement with Dominion Energy South Carolina. Upon completion, it will be one of the largest solar and storage facilities in the South-eastern US. The project is expected to generate more than US$10 million in local property taxes and create around 185 jobs during construction. Syensqo, a part of Solvay Group, will purchase renewable energy certificates generated by the project to reduce carbon emissions. EnergyRe has a significant investment and clean energy development track record in South Carolina, with over 700 MW of contracted solar projects and more than 7 GW of regional development pipeline.