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.
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.
Enjoy 12 months of exclusive analysis
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Annual digital subscription to the PV Tech Power journal
- Discounts on Solar Media’s portfolio of events, in-person and virtual
