Renewables developer rPlus Energies has secured more than US$500 million for a 400MW/1.6GWh solar-plus-storage project in Emery County, Utah, US.
The financing was secured through a tax equity commitment of over $500 million from RBC Community Investments and a consortium of investors. The funding will leverage the federal Investment Tax Credit (ITC) to support the development of the Green River Energy Centre.
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The Green River Energy Centre, currently under construction, includes 400MW of solar PV and 400MW/1,600MWh of battery energy storage system (BESS). The solar-plus-storage project is expected to be completed in 2026. The company describes it as one of Utah’s largest planned solar-plus-storage projects.
The project is backed by a power purchase agreement (PPA) in place with US utility PacifiCorp, which was signed by both parties in October 2022.
“This project will use federal tools, such as the investment tax credit, to ensure that rural communities continue to lead the country’s energy production,” said Luigi Resta, CEO of rPlus Energies.
This follows the announcement last year of over $1 billion in successfully secured construction debt financing for the project, led by Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets, MUFG Bank, Truist Securities, and Wells Fargo Securities.
Additionally, several project partners have contributed a total of $375,000 to support two scholarship programs – the Local First Scholarship and the Energy First Scholarship – in partnership with Utah State University Eastern to help train local workers, keep skilled talent in the area, and prepare students for future jobs in the growing energy sector.
