Excelsior Energy Capital ("Excelsior"), a leading independent North American clean energy investor, today (Oct 30) announced that the 685.3 MWDC / 525 MWAC Faraday Solar project has reached operational readiness and commenced commercial operations on September 30, 2025.
Located in Utah County, Utah, Faraday Solar represents one of the largest utility-scale solar investments in the United States. The project is backed by a 20-year power purchase agreement (PPA) with PacifiCorp under Rocky Mountain Power's Schedule 34 green energy tariff, which allows large customers to directly support the incremental addition of clean and renewable energy projects to support the customer's clean energy goals. Accordingly, Meta is purchasing the energy and all of the environmental attributes associated with the solar facility to match the company's operations in Utah with clean energy.
The long-term PPA provides financial stability for the project and helps ensure PacifiCorp can reliably supply Meta's energy needs. Excelsior acquired Faraday Solar in 2023 from Parasol and Clenera, the initial developers of the project. Excelsior leveraged its deep industry relationships to secure and advance the asset through the financing and construction phases.
"Successful delivery of this landmark project reaffirms Excelsior's commitment to enabling others to reach their clean energy goals and support a clean and reliable grid," said Chris Frantz, Partner and Head of Portfolio Operations, Excelsior Energy Capital. "Solar energy continues to demonstrate its resilience and strategic importance, and projects such as Faraday Solar can not only deliver attractive returns but also enhance energy security and independence in a volatile global landscape."
According to the International Energy Agency (IEA) and the World Economic Forum, solar photovoltaic (PV) remains the dominant driver of renewable capacity growth. Construction of Faraday Solar, with 1.2 million solar panels and a footprint roughly equivalent to New York's Central Park, was completed in just under two years.
"The successful completion of Faraday Solar marks a defining achievement for Excelsior's construction and operations teams," said Dan Bove, Senior Director, Construction Management and Project Execution, Excelsior Energy Capital. "Delivering a project of this scale and complexity reflects the strength of our partnerships and our execution capabilities. We're proud that Faraday Solar will serve as a model for large-scale clean energy delivery across North America." Excelsior also acknowledges the critical contributions of Energy Project Solutions (EPS) and RES Group, whose expertise and collaboration were instrumental throughout the construction and commissioning phases.
In recognition of Faraday Solar commencing operations, Excelsior will host a ribbon-cutting ceremony alongside partners, investors and community stakeholders, on Wednesday, November 5, in Utah County, UT. Media and community members are invited to attend.
Excelsior Energy Capital extends its sincere gratitude to the exceptional partners who played a pivotal role in achieving this milestone. U.S. Bancorp Impact Finance provided tax equity financing. MUFG and Nord/LB acted as Coordinating Lead Arrangers, with Deutsche Bank as Collateral Agent, DNB, Zions Bank, Sumitomo Mitsui Banking Corporation, Société Générale, CIBC, Huntington Bank, and National Bank of Canada serving as Joint Lead Arrangers. The debt group was further supported by Sumitomo Mitsui Trust Bank, Associated Bank, and Comerica. Akin Gump Strauss Hauer & Feld LLP served as legal counsel to the firm. Excelsior Energy Capital also acknowledges the continued support of its existing Limited Partners, including the Development Bank of Japan and Industriens Pension, who participated in the co-investment.
About Excelsior Energy Capital
Excelsior Energy Capital is a clean energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1.5 billion of equity capital. For more information, visit www.excelsiorcapital.com.
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