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
It depends on what you believe.
Fox News will tell you that our southern border is no longer being overrun, that we’ve discovered that vaccinations are unsafe, that we’re standing up against Sharia Law, we’re preventing Iran from building a nuclear weapon, prices are coming down (or soon will be), Trump is an honest and effective servant of the American people and that the U.S. is once again respected on the world stage.
We live in a country where tens of millions of idiots believe every word of this.
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I met a guy today from a rural part of Central England–“nothing but farms and pubs,” as he put it. His father was an epidemiologist working for the United Nations, and so, as a boy, he lived all over the world and grew up largely in developing countries that suffered from horrific diseases.
He and his wife had the conversation one would expect from such people:
- Why are we so content to ignore climate change that is ruining our planet?
- Why are people so indifferent to the suffering of others?
- How is it possible that billionaires expect to live well here on Earth while 99.9% of us suffering with wildfires, devastating storms, blistering heat, losses of landmasses, and desertification?
- At the end of the day, is money really that precious?
Obviously, not everyone thinks this way, but to be in something of a “lovefest” for just a few minutes was a great relief.
relief.
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