Salt Lake City-based renewable energy developer rPlus Energies announced the closing of a revolving credit facility of up to USD 450 million to support the continued development and construction of its near-term pipeline of solar and energy storage projects across the American West. The three-year facility provides both funded borrowing capacity and letters of credit.

Banking Group and Roles

Canadian Imperial Bank of Commerce, New York Branch (CIBC), served as Lead Left Arranger and Administrative Agent for the facility, which was syndicated to a group of leading financial institutions, including National Bank of Canada, Truist Bank, KeyBank, Wells Fargo, MUFG, and Zions Capital Markets.

Support from Operating Assets

The facility is supported by cash flows from nearly 1 GW of operating assets. These include the Green River Energy Center and Pleasant Valley Solar 2, both of which reached commercial operation and completed term financing earlier this year.

Company Perspective

Natalie Jackson, Chief Financial Officer of rPlus Energies, said securing the facility is a meaningful step for the company as it continues to scale the business. "It reflects the progress our team has made and the confidence our lenders have in our long-term vision," she said. "With this capital in place, we're well positioned to support future growth and deliver on the opportunities ahead."

Lender Perspective

Ines Serrao, Managing Director and Head of U.S. Project Finance & Infrastructure at CIBC, said the firm was pleased to support rPlus Energies in establishing the revolving credit facility.

"The closing of this facility with rPlus Energies reinforces our shared commitment to advancing the development of reliable and sustainable infrastructure across the U.S. renewable energy sector," she said.

Legal Counsel

Kirkland & Ellis served as legal counsel to rPlus Energies, while Milbank served as legal counsel to the lenders.

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