rPlus Energies announced today the successful closing of over $1 billion in construction debt financing for its Green River Energy Center project subsidiary. Located in Emery County, an area with a long history of energy production, the project is comprised of 400 megawatts (MW) of solar PV and 400 MW/1,600 megawatt-hours of battery storage and has a power purchase agreement with PacifiCorp.
Five world-class financial institutions are contributing to this debt financing deal as coordinating lead arrangers. They are Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets, MUFG Bank, Ltd. (“MUFG”), Truist Securities Inc., and Wells Fargo Securities, LLC, with MUFG acting as Administrative Agent for the lenders.
“The Green River Energy Center marks rPlus Energies' debut as an independent power producer,” said rPlus Energies’ President & CEO, Luigi Resta. “We extend our deep gratitude to the five esteemed lenders, and their affiliates and syndicate members, for supporting one of the largest projects of its kind in the country.”
Norton Rose Fulbright served as lead counsel to rPlus. Dorsey & Whitney served as special Utah counsel to rPlus. The lenders were represented by Winston & Strawn, with support from Snell & Wilmer on Utah law matters.
Green River Energy Center stands as one of the largest planned solar-plus-storage facilities in Utah and ranks among the most expansive solar energy facilities within PacifiCorp’s system. The project is expected to generate approximately 500 construction jobs with a significant percentage of the full workforce expected to be hired locally, and once operational, will significantly boost local tax revenue to Emery County, providing an ongoing benefit to the county’s budget and services, in addition to long-term energy employment opportunities.
Engineering, procurement, and construction services will be provided by Sundt Renewables.
About rPlus Energies
rPlus Energies is a team of committed energy industry professionals working together to develop, own and operate large-scale renewable energy generation and electric storage projects in the United States. The company specializes in bringing projects to market through partnership with the private sector, municipalities, utilities, and industry-leading technology and service providers. Its portfolio consists of a strategic mix of solar, battery, wind, and pumped storage hydro facilities. rPlus Energies is headquartered in Salt Lake City, Utah and is backed by Sandbrook Capital and Gardner Group.
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Contacts
rPlus Energies Media Contact
Maile Resta
Communications Associate, rPlus Energies
mresta@rplusenergies.com
