energyRe lands $815M debt deal to fund South Carolina solar push
What's the deal? energyReDealroom has a profile for this one. Try Dealroom → has closed an $815 million debt financing package backing five utility-scale solar projects in South Carolina. The projects add roughly 360MW of new generating capacity across the state.
Who's in? Bank of America, Canadian Imperial Bank of CommerceDealroom has a profile for this one. Try Dealroom →, and Santander supported the financing. Bank of America served as documentation agent and Santander as financial advisor to energyRe.
What's the endgame? The deal moves energyRe toward its goal of investing $2 billion in South Carolina by 2030. The five projects are contracted under 25-year power purchase agreements and will provide tens of millions in revenue for local governments.
By the numbers: This is energyRe's largest financing to date and brings its total funds raised past $1.9 billion. The company's 1.8+ GW portfolio spans 20 projects across South Carolina, North Carolina, Nebraska, and Oklahoma.
Why now? energyRe has broken ground on roughly 450MW over the past year and has nearly 700MW in operation or late-stage development. "This portfolio financing is our largest to date, and it reflects the confidence our lenders have in both the quality of our assets and our team's ability to deliver," said chief financial officer Pedro Pereira.
The signal: At $815 million, the package ranks among the largest US energy debt rounds on record — above the 95th percentile of all such deals. It underscores South Carolina's emergence as a hub for large-scale solar development.
Read more: pr.southjordanjournal.com
Image credit: USDAgov
