Developer energyRe has secured US$240 mllion from Bank of America to fund the 108MWdc/198MWh Lone Star solar-plus-storage project in South Carolina, US.
Bank of America provided a US$85 million tax equity commitment, while Santander committed a US$155 million for project financing. The latter includes construction debt, a tax equity bridge facility and a letter of credit facility.
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The developer said that the project qualifies for Investment Tax Credits (ITC) under the Inflation Reduction Act (IRA), and energyRE has signed a ten-year power purchase agreement (PPA) with regional utility Dominion Energy South Carolina for power produced at Lone Star.
On top of the PPA, energyRe said that Belgian-headquartered chemical company Syensqo will purchase all of the Renewable Energy Certificates (RECs) generated by Lone Star Solar, which will offset 35% of the company’s US emissions from electricity purchases.
