Houston-Based energyRe Secures $815 Million for Five South Carolina Solar Farms Totaling 360 MW

Houston-based energyRe has completed a USD 815 million financing package covering five utility-scale solar projects in South Carolina, a portfolio of roughly 360 megawatts of new generating capacity. The transaction, announced by the company, ranks among the largest solar-only project financing deals ever completed in the state.

Major Capital Package Positions the State at the Center of a Developer's Growth Strategy

The closing moves energyRe closer to a stated commitment of investing USD 2 billion in South Carolina by 2030. All five projects in the financed portfolio are contracted under 25-year power purchase agreements and are expected to generate tens of millions of dollars in revenue for local governments. Pedro Pereira, the company's Chief Financial Officer, described the deal as the largest financing energyRe has completed to date.

He attributed the size of the package to lender confidence in the quality of the company's assets and in its execution capability, and said the projects will create jobs during both construction and operations while supplying affordable, reliable power to homes and businesses in the state for decades.

How the Deal Was Assembled

The transaction was structured and executed internally by energyRe's M&A and Capital Markets team, led by Surya Mohan, Senior Vice President of M&A and Capital Markets, in coordination with Santander and the company's lending and tax equity partners. Mohan said the financing secures the capital needed to advance the projects and demonstrates the company's ability to finance its development portfolio at scale.

He credited the work of his team, the lenders, the tax equity partner, advisors and colleagues across the organization for bringing the transaction together. Three major banks anchored the financing: Bank of America, Canadian Imperial Bank of Commerce and Santander. Bank of America acted as documentation agent, while Santander served as financial advisor to energyRe.

What the Partner Banks Said

Nuno Andrade, Head of North America Structured Finance and Global Head of Digital Structured Finance for Santander's Corporate & Investment Bank, characterized the transaction as a landmark deal that will serve as a cornerstone for both energyRe's portfolio and South Carolina's clean energy portfolio. He tied the outcome to Santander's leading position in renewable energy financing, which he said supported energyRe's ability to execute.

At CIBC, Ines Serrao, Managing Director and Head of U.S. Project Finance & Infrastructure, said the bank is proud to have supported energyRe as it advances its utility-scale solar portfolio in South Carolina. She framed the financing as expanding critical energy infrastructure and contributing to a more reliable and sustainable power system.

Omer Farooq, Head of Asset Finance within the Global Sustainable & Infrastructure Finance Group at Bank of America, connected the deal to his institution's broader infrastructure commitments. "We are proud to support energyRe's portfolio of solar projects across South Carolina, which demonstrates how public and private capital can work together to expand energy resources," Farooq said. "This transaction reflects the type of investment our USD 250 billion Critical Infrastructure Finance Initiative was created to advance."

A Rapidly Expanding Footprint Across Four States

The closing lands during a stretch of rapid growth for energyRe. Over the past year, the company has broken ground on approximately 450 MW of projects. It currently has nearly 700 MW in operation or late-stage development.

transmission,The company's overall portfolio exceeds 1.8 gigawatts and spans 20 projects across four states: South Carolina, North Carolina, Nebraska and Oklahoma. Including this package, energyRe has raised more than USD 1.9 billion in support of its solar project portfolio to date.

Company Background

energyRe describes itself as an American-led energy company focused on developing infrastructure projects that meet rising electricity demand with affordable and reliable energy. The company's portfolio combines generation, transmission and storage, and it promotes what it calls a "community first" approach to project development, pairing industry expertise with local knowledge.