rPlus Energies announced the closing of $304 million in new financing facilities like a $179 million construction debt facility for its Pleasant Valley Solar 2 project and a $125 million Corporate Letter of Credit Facility secured with Deutsche Bank to support the company’s ongoing growth.
This $179 million construction debt facility for Pleasant Valley Solar 2 was led by financial institutions Canadian Imperial Bank of Commerce New York Branch, Crédit Agricole Corporate and Investment Bank, and KeyBanc Capital Markets. Based in Ada County, Idaho, Pleasant Valley Solar 2 will deliver energy to Idaho Power’s grid in connection with advancing Meta’s commitment to support its nearby Kuna data center with 100% clean and renewable energy.
The construction on Pleasant Valley Solar 2 started this year and will create approximately 200 construction jobs. And the project will also benefit local and state economies through a 3.5% solar energy tax on gross earnings. Sundt Construction is the project’s Engineering, Procurement, and Construction (EPC) contractor.
The $125 million Corporate Letter of Credit Facility, secured with Deutsche Bank, offers rPlus Energies enhanced financial flexibility to advance its robust portfolio of renewable energy projects nationwide. And this Credit Facility will support the full evolution of rPlus Energies into an independent power producer.
This year, rPlus Energies raised nearly $2 billion across multiple financing initiatives. This financing has supported over 1.2 GW of projects under construction and an additional 15 GW in development.
KEY QUOTE:
“In 2024, rPlus has made meaningful headway. From raising $460 million in platform equity from Sandbrook Capital, to securing $1.1 billion in construction financing for our Green River Energy Center, and now these latest milestones, we’re focused on bringing projects to life. Each step forward allows us to add more megawatts to the grid, create opportunities in local communities, and contribute to a more secure energy future for the nation.”
- Luigi Resta, President and CEO of rPlus Energies
