energyRe Secures $815 Million Financing for South Carolina Solar Projects
energyRe has closed an $815 million financing package for five solar projects in South Carolina, significantly advancing its investment goals in the state.
Energy company energyRe announced the closing of an $815 million financing package for five solar projects located in South Carolina. These projects collectively represent approximately 360 megawatts (MW) of new generating capacity. This funding marks a substantial step toward the company's objective of investing $2 billion in South Carolina by 2030.
The transaction is noted as one of the largest solar-only project financings in South Carolina's history, highlighting the state's growing prominence as a hub for large-scale energy development. The company stated that the financing secures capital to advance these projects and demonstrates energyRe's ability to finance its development portfolio at scale.
The financing involved Bank of America, Canadian Imperial Bank of Commerce, and Santander, with Bank of America serving as the documentation agent and Santander as the financial advisor to energyRe. The projects are contracted under 25-year power purchase agreements and are expected to generate tens of millions in revenue for local governments.
In the past year, energyRe has begun construction on approximately 450 MW and has nearly 700 MW in operation or late-stage development. The company's total solar portfolio exceeds 1.8 GW across 20 projects in multiple states. Including previous financing packages, energyRe has raised over $1.9 billion to support its solar project portfolio to date.