SB Energy has secured a combined $2.4 billion aimed at supporting communities with domestically produced renewable energy.
Working with J.P. Morgan, Bank of America, Morgan Stanley Renewables and Truist Bank, SB Energy closed approximately $800 million in tax equity. Working with MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank and Société Générale, the company raised $450 million in term debt and $1.2 billion in construction debt to support a 1.3 GW portfolio of four utility-scale solar projects.
Three of the projects are also the first utility-scale projects in the U.S. to reach financial close with the Inflation Reduction Act’s “domestic content adder,” says the company.
To qualify for the domestic content adder, SB Energy is utilizing 1.1 million solar modules manufactured in Ohio by First Solar. Additionally, Nextracker is supplying trackers with recently expanded component providers in multiple U.S. states. All structural steel on these same projects will use domestically sourced steel from Texas and Georgia.
“The IRA’s domestic content and energy community incentives were designed to expand America’s manufacturing base and create good-paying jobs in communities that need them,” says SB Energy co-CEO Rich Hossfeld. “We are thrilled to be the first company to reach financial close on projects that utilize these adders with our partners J.P. Morgan Chase, Bank of America, Morgan Stanley Renewables and Truist Bank.”
“By partnering with leading tax equity investors and lenders on these latest financings, we are extending our track record of deploying renewable generation at scale,” adds SB Energy’s Gianluca Signorelli. “Moreover, by utilizing the IRA’s domestic content and energy community adders, we have created a blueprint for deploying clean infrastructure that advances America’s prosperity and wellbeing.”
Google is purchasing approximately 75% of the energy produced by these four projects to power its Texas data center presence.
The post SB Energy Secures $2.4 Billion for Domestic Energy Projects appeared first on Solar Industry.
At left is a question typical of a Republican moron. Might someone say, “No, taxes don’t need to be spent on things that serve our interests?”
The question, of course, is what actually does serve our interests.
Believe it or not, there are people in countries on this planet who think that tax money serves their interest if it goes to creating a healthier, happier, better educated, more humane society.
These are the same countries that tax rich people heavily, where attaining a net worth of hundreds of billions of dollars is extremely difficult–probably impossible. But those nations don’t have homeless veterans living in the street and presidents who are rapists and convicted felons.
Unfortunately, there are tens of millions of morons who believe hateful garage like this.
The average 10-year-old can understand that we can BOTH protect our citizens while obeying the U.S. Constitution and international law when it comes to treating the undocumented legally and humanely.
Again, this is what is called the logical fallacy of the “false dichotomy.” Only idiots believe we have to choose one over the other.
I would say that the regulations on energy (and transportation) companies should be sufficient to put pressure on them to phase out fossil fuels and decarbonize in favor of renewables and nuclear.
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