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.
The post Green River Energy Center Project Receives Over $1B in Debt Financing appeared first on Solar Industry.
Green River Energy Center Project Receives Over $1B in Debt Financing
I met a guy earlier today who told me that wind and solar are controversial, and that some people say that the mining and manufacturing of wind turbines requires more fossil fuels that the turbines themselves produce.
I told him that I’m aware of such people; they’re called “professional liars.”
I explained the concept of EROI, energy return on investment, and surprised him by saying that the EROI of wind is somewhere between 18 and 30, meaning that each wind turbine you see as you drive along the freeway will generate at least 18 times as much energy as was required in its mining, fabrication, installation, maintenance, and decommissioning–all the way up to 30 times that amount.
The generation of disinformation of renewables has become a cottage industry. People are paid to make up and publish complete bullshit, so as to discredit the burgeoning clean energy industry, and keep Big Oil in place.
As bad as things are in the United States, they could always get worse.
Trump could succeed in his quest to be a dictator, Christianity could be taught in schools, and unvaccinated adults and their kids could trigger another epidemic.
In terms of our reputation on the world stage, however, things really can’t get must worse; the countries around the globe already regard us with a mixture of hate and derision.
Yet regardless of what the future holds, there will always be idiots who that believe that Trump is our savior, like the author of the meme above.
Good to see John Eastman disbarred in California; it’s a small measure of justice.
Criminal prosecution in the future?
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