Salt Lake City, Utah-based rPlus Energies has successfully secured over $1 billion in construction debt financing for its Green River Energy Center project subsidiary.
Located in Utah’s Emery County, an area with a long history of energy production, the project is comprised of 400 megawatts of solar photovoltaic (PV) power and 400 MW/1,600 megawatt-hours of battery storage and includes a power purchase agreement with PacifiCorp.
Five 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., 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,” says Luigi Resta, rPlus Energies president and CEO. “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 is 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 about 500 construction jobs with a significant percentage of the full workforce expected to be hired locally. Once operational, it 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.
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Green River Energy Center Project Receives Over $1B in Debt Financing
Can’t swear that this is true but hoping so.
We must never forget.
The more visibility and the more frequent reminders we can get on this catastrophe in U.S. history the better.
It’s almost funny when we hear that California is a socialist state, or a police state (due to our environmental restrictions), or that people are leaving in droves to go to Texas or Florida. When I come across people who say this, I wonder: have you ever actually been to California?
Do you know that the garden-variety 3 BR, 2 BA house here lists at about $1.2 million, where, if it were moved to, say, the Midwest, it would be worth perhaps $2500,000? Why do you think that could possibly be? Maybe the law of supply and demand doesn’t apply to the Marxist part of the nation?
Perhaps it’s because Californians are offered fantastic economic opportunities. We develop and implement ideas that improve the lives of everyone on Earth, and that we profit greatly from our undertakings.
Something for the MAGA crowd to consider.
The main way governments create wealth is by educating people so that they can become productive members of society. They also build roads and airports and maintain law and order so that honest businesses can thrive.
Anyone living now who believes that Elon Musk and Jeff Bezos are creating wealth for anyone but themselves is a total fool.
A ton of people bought into the concept expressed here in the mid-20th Century, but no semi-intelligent person today believes that tax breaks for billionaires/trillionaires generates a nickel for the common person.
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