energyRe has announced the successful closing of a USD 815 million financing package covering five utility-scale solar projects in South Carolina. The projects total approximately 360 megawatts (MW) of new generating capacity across the state, and the transaction ranks as one of the largest solar-only project financing deals in South Carolina's history.

Landmark Transaction for Utility-Scale Solar

The company characterized the closing as a giant step toward its stated goal of investing USD 2 billion in South Carolina by 2030, describing the deal as underscoring the state's emergence as a hub for large-scale energy 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 Pedro Pereira, Chief Financial Officer of energyRe.

"South Carolina is at the center of our growth strategy, and this closing moves us meaningfully closer to our goal of investing USD 2 billion in the state by 2030. These projects will create jobs during construction and operations and deliver affordable, reliable power to South Carolina homes and businesses for decades to come."

Project Structure and Local Impact

The five solar projects covered by the transaction are contracted under 25-year power purchase agreements and are expected to provide tens of millions in revenue for local governments, according to the company.

The financing was structured and executed by energyRe's M&A and Capital Markets team, led by Surya Mohan, Senior Vice President of M&A and Capital Markets, working alongside Santander and the company's lending and tax equity partners.

"This financing secures the capital to advance these projects and demonstrates energyRe's ability to finance its development portfolio at scale," Mohan said. "I'm proud of our M&A and Capital Markets team for leading this transaction, and grateful to our lenders, tax equity partner, advisors and colleagues across energyRe for the work that brought it together."

Banking Partners Behind the Deal

The financing was supported by Bank of America, Canadian Imperial Bank of Commerce and Santander. Bank of America served as documentation agent, while Santander acted as financial advisor to energyRe.

Nuno Andrade, Head of North America Structured Finance and Global Head of Digital Structured Finance for Santander's Corporate & Investment Bank, described the transaction as a landmark deal.

"Santander is pleased to have advised on and financed a landmark transaction that will serve as a cornerstone for energyRe's and South Carolina's clean energy portfolio," Andrade said. "Santander's leading position in renewable energy financing supported energyRe's ability to execute this transaction."

Ines Serrao, Managing Director and Head of U.S. Project Finance & Infrastructure at CIBC, said, "CIBC is proud to have supported energyRe as it advances its utility-scale solar portfolio in South Carolina, expanding critical energy infrastructure and helping drive the transition to a more reliable and sustainable power system."

Bank of America's involvement came through its USD 250 billion Critical Infrastructure Finance Initiative. Omer Farooq, Head of Asset Finance within the bank's Global Sustainable & Infrastructure Finance Group, said, "We are proud to support energyRe's portfolio of solar projects across South Carolina, which demonstrates how public and private capital can work together to expand energy resources. This transaction reflects the type of investment our USD 250 billion Critical Infrastructure Finance Initiative was created to advance."

Company Growth Trajectory

The closing comes amid a period of rapid expansion for energyRe in the Southeast and beyond. The company has broken ground on approximately 450 MW in the last year and has nearly 700 MW in operation or late-stage development, according to the announcement.

energyRe's broader portfolio spans more than 1.8 gigawatts across 20 projects in South Carolina, North Carolina, Nebraska and Oklahoma. Combined with previous financing packages, the company has raised more than USD 1.9 billion in support of its solar project portfolio to date.

About energyRe

energyRe is an American-led energy company that develops infrastructure projects intended to meet rising electricity demand with affordable and reliable energy.

The company's portfolio combines generation, transmission, and storage with what it describes as a "community first" approach to project development, bringing together industry expertise and local knowledge.

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