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energyRe announced the closing of an $815 million financing package covering five utility-scale solar projects in South Carolina, according to a company press release. The transaction, described in the release as one of the largest solar-only project financing deals in South Carolina history, supports projects totaling approximately 360 megawatts of new generating capacity.
The company said the financing advances its goal of investing $2 billion in South Carolina by 2030 and brings total funds raised for its solar portfolio to more than $1.9 billion when combined with earlier packages. energyRe Chief Financial Officer Pedro Pereira said the portfolio financing is the company’s largest to date and reflects lender confidence in its assets and team, adding that South Carolina sits at the center of its growth strategy.
Bank of America, Canadian Imperial Bank of Commerce and Santander supported the financing, with Bank of America acting as documentation agent and Santander serving as financial advisor to energyRe. The five projects are contracted under 25-year power purchase agreements and are expected to provide tens of millions in revenue for local governments.
energyRe’s M&A and Capital Markets team structured and executed the transaction, led by Surya Mohan, working with Santander and the company’s lending and tax equity partners. Mohan, a senior vice president in that unit, said the financing secures capital to advance the projects and demonstrates the company’s ability to finance its development portfolio at scale.
Santander’s Nuno Andrade, head of North America structured finance and global head of digital structured finance for its corporate and investment bank, said the bank was pleased to advise on and finance a landmark transaction expected to serve as a cornerstone for energyRe’s and South Carolina’s clean energy portfolio. CIBC’s Ines Serrao, managing director and head of U.S. project finance and infrastructure, said the bank was proud to support the expansion of critical energy infrastructure and the transition to a more reliable and sustainable power system. Bank of America’s Omer Farooq, head of asset finance within its global sustainable and infrastructure finance group, said the transaction reflects the type of investment its $250 billion Critical Infrastructure Finance Initiative was created to advance.
energyRe said it has broken ground on approximately 450 MW over the past year and has nearly 700 MW in operation or late-stage development. Its portfolio of more than 1.8 gigawatts spans 20 projects across South Carolina, North Carolina, Nebraska and Oklahoma.
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Largest solar manufacturer globally
Leading monocrystalline silicon producer
Major module and cell producer
High-efficiency cell and module maker
Global manufacturer and project developer
Major player in US and EU markets
Integrated PV product manufacturer
Leading thin-film CdTe manufacturer
World's largest solar cell producer
ABC cell technology leader
Major LED component and display maker
Pioneer and major supplier of LED chips
Historically leading innovator in LED technology
Leading European optoelectronics supplier
High-power LED and automotive lighting
One of world's largest LED chip producers
Major LED packaging and component supplier
Leading Taiwanese LED chip manufacturer
Innovator in WICOP and SunLike technologies
LED components for automotive and IT
IBC cell technology leader
Solar project developer and manufacturer
Integrated PV manufacturer
Historically significant in both fields
Rapidly growing cell and module producer
Solar manufacturing arm of Chint Group
Module manufacturer with US focus
Leading Indian solar manufacturer
LED packaging and lighting solutions
Major LED packaging company
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