October financing
In energyRe's October financing announcement, the company closed an $815 million financing package for five projects based in South Carolina, about 360 MW. 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 advisor to energyRe.
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.
energyRe has broken ground on approximately 450 MW in the last year and has nearly 700 MW in operation or late-stage development.
energyRe has raised more than $1.9 billion in support of its solar project portfolio to date.
February power-purchase agreements
In energyRe's February power-purchase announcement, the company executed 25-year power purchase agreements with one of the largest investor-owned utilities in South Carolina for five solar projects totaling 360 MW. The projects include Shorthorn Solar, Culpepper Solar, Clarendon Solar, Rollins Solar and Ross Solar. Upon commercial operation, these projects are expected to collectively generate 360 MW of reliable and affordable energy, capable of powering approximately 58,600 homes annually.
Machinery Asia
According to Machinery Asia, energyRe on Oct. 12 closed an $815 million financing package for five South Carolina solar projects totaling approximately 360 MW, and construction of the grid infrastructure to serve at least one of the developments was underway.
Bank of America, Canadian Imperial Bank of Commerce and Santander participated in the financing, which EnergyRe says is backed by 25-year power purchase agreements.
EnergyRe says it began building about 450 MW of solar projects over the past year, but has not named contractors or construction schedules for the five projects in its latest financing.