US renewables developer energyRe has closed an US$815 million financing package for five utility-scale solar projects in South Carolina, supporting approximately 360MW of new generating capacity.
The financing covers five utility-scale solar projects backed by 25-year power purchase agreements (PPAs), as the developer targets US$2 billion in South Carolina investment by 2030.
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According to energyRe, the transaction is one of the largest solar-only project financing deals in South Carolina’s history.
Bank of America, Canadian Imperial Bank of Commerce (CIBC) and Santander supported the financing. Bank of America served as documentation agent, while Santander acted as financial advisor to energyRe.
“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. “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 company said the transaction was structured and executed by its mergers and acquisitions and capital markets team, led by Surya Mohan, senior vice president, M&A and capital markets at energyRe, in collaboration with Santander and its lending and tax equity partners.
The developer has broken ground on approximately 450MW of projects over the past year and has nearly 700MW in operation or late-stage development, according to the company.
Its portfolio comprises more than 1.8GW across 20 projects in South Carolina, North Carolina, Nebraska and Oklahoma. Including the latest transaction, energyRe said it has raised more than US$1.9 billion through financing packages supporting its solar project portfolio to date.
The developer reached financial close on a solar PV portfolio in South Carolina in November last year, securing approximately US$ 370 million in construction and term financing. The financing was led by international banks Santander, Bank of America, Natixis and Société Générale.
In May 2025, energyRe announced an agreement to supply renewable energy certificates (RECs) to Google from a 600MW solar and energy storage portfolio in South Carolina. The agreement marked the companies’ second collaboration. The projects’ development timelines and specific composition were not disclosed.
