rPlus Energies today (Dec 18) announced the successful closing of $304 million in new financing facilities, including a $179 million construction debt facility for its Pleasant Valley Solar 2 project and a $125 million Corporate Letter of Credit Facility secured with Deutsche Bank to support the company's ongoing growth.
The $179 million construction debt facility for Pleasant Valley Solar 2 was led by financial institutions Canadian Imperial Bank of Commerce New York Branch, Crédit Agricole Corporate and Investment Bank, and KeyBanc Capital Markets. Located in Ada County, Idaho, Pleasant Valley Solar 2 will deliver energy to Idaho Power's grid, in conjunction with advancing Meta's commitment to support its nearby Kuna data center with 100% clean and renewable energy.
Construction on Pleasant Valley Solar 2 began this year and will create approximately 200 construction jobs. The project will also benefit local and state economies through a 3.5% solar energy tax on gross earnings. Sundt Construction is the Engineering, Procurement, and Construction (EPC) contractor for the project.
The $125 million Corporate Letter of Credit Facility, secured with Deutsche Bank, provides rPlus Energies with enhanced financial flexibility to advance its robust portfolio of renewable energy projects nationwide. This Credit Facility will support the full evolution of rPlus Energies into an independent power producer.
"In 2024, rPlus has made meaningful headway," said Luigi Resta, President and CEO of rPlus Energies. "From raising $460 million in platform equity from Sandbrook Capital, to securing $1.1 billion in construction financing for our Green River Energy Center, and now these latest milestones, we're focused on bringing projects to life. Each step forward allows us to add more megawatts to the grid, create opportunities in local communities, and contribute to a more secure energy future for the nation."
This year, rPlus Energies has raised nearly $2 billion across multiple financing initiatives, supporting over 1.2 GW of projects under construction and an additional 15 GW in development.
About rPlus Energies
rPlus Energies is a team of committed energy industry professionals working together to develop, own and operate large-scale renewable energy generation and electric storage projects in the United States. The company specializes in bringing projects to market through partnership with the private sector, municipalities, utilities, and industry-leading technology, service and finance providers. Its portfolio consists of a strategic mix of solar, battery, wind, and pumped storage hydro facilities. To date, rPlus Energies has raised over $900,000 to support local scholarships in the project communities. rPlus Energies is headquartered in Salt Lake City, Utah and is backed by Sandbrook Capital and Gardner Group.
Contacts
rPlus Energies Media Contact
Maile Resta
Communications Associate, rPlus Energies
mresta@rplusenergies.com
