Inaugural Project Financing and Tax Equity Transaction for energyRe
Lone Star Solar Expected to be the Largest BESS Installation in South Carolina
CHARLESTON, S.C., April 29, 2024 /PRNewswire/ -- energyRe today announced that it has secured $155 million in project financing and a $85 million tax equity commitment for its 108 MWdc Lone Star Solar project and 198MWh Battery Energy Storage System (BESS), one of the largest battery systems in South Carolina. Lone Star Solar is under construction and is expected to be operational by Fall 2024.
The $155 million in project financing for Lone Star Solar includes construction debt, tax equity bridge facility and letter of credit facility with Santander acting as the Coordinating Lead Arranger. Bank of America has committed $85 million in tax equity. The project qualifies for Investment Tax Credits (ITCs) under the Inflation Reduction Act (IRA). The transaction, led by the energyRe M&A and Investments teams, showcases energyRe's deep industry knowledge, financial acumen, and expertise in securing compelling financing solutions for its pipeline of renewable energy projects.
"Lone Star Solar reflects energyRe's commitment to accelerating ...