US$1.3 billion financing closed for a 682 MW Solar project in the USA

Excelsior Energy Capital announced that it has closed a USD1.3 billion financing package on the 682.5 MW Faraday Solar project in Utah County, Utah, USA.

Excelsior acquired Faraday Solar from Parasol and Clenera, the developers of the project. Faraday is currently in the construction phase and is anticipated to commence operations in Q3 of 2025. The project has secured a long-term contract to supply renewable energy to PacifiCorp, which will, in turn, allocate the power to Meta, supporting Meta's commitment to achieving 100% renewable energy and net-zero goals.

The financing for the project, including a US$460 million loan, a US$300 million TEBL, and US$250 million in ancillary facilities, was arranged with MUFG and Nord/LB serving as Coordinating Lead Arrangers. Joint Lead Arrangers included DNB, Zions Bank, Sumitomo Mitsui Banking Corporation, Société Générale, CIBC, Huntington Bank, and National Bank of Canada. Sumitomo Mitsui Trust Bank, Associated Bank, and Comerica were also part of the debt group. Legal counsel for Excelsior was provided by Akin Gump Strauss Hauer & Feld LLP, and CRC-IB offered advice on commercial and structuring matters. U.S. Bancorp Impact Finance was represented by Sheppard, Mullin, Richter & Hampton as legal counsel, with Winston & Strawn serving as the Lender's counsel.