EnergyRe Financing Five Solar Projects in South Carolina

EnergyRe announced the successful closing of an $815 million financing package for five projects based in South Carolina – a collection of utility-scale solar projects totaling approximately 360 megawatts (MW) of new generating capacity across the Palmetto State. The financing is a giant step toward the company's goal of investing $2 billion in South Carolina by 2030. The $815 million transaction represents one of the largest solar-only project financing deals in South Carolina's history, 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 $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."

The financing was supported by Bank of America, Canadian Imperial Bank of Commerce and Santander, with Bank of America serving as documentation agent and Santander serving as financial adviser to energyRe. The deal marks a significant milestone in energyRe's commitment to delivering reliable and affordable energy to the communities it serves.

The transaction covers five solar projects across South Carolina that are contracted under 25-year power purchase agreements and will provide tens of millions in revenue for local governments.

The financing was structured and executed by energyRe's M&A and Capital Markets team, led by Surya Mohan, 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," said Surya Mohan, senior vice president, M&A and Capital Markets at energyRe. "I'm proud of our M&A and Capital Markets team for leading this transaction, and grateful to our lenders, tax equity partner, advisers, and colleagues across energyRe for the work that brought it together."

EnergyRe has broken ground on approximately 450 MW in the last year and has nearly 700 MW in operation or late-stage development. The company's 1.8+ GW portfolio spans 20 projects in South Carolina, North Carolina, Nebraska and Oklahoma. Combined with previous financing packages, energyRe has raised more than $1.9 billion in support of its solar project portfolio to date.