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.
I see.
There’s not enough land in Spain to support rooftop and ground-mounted solar at a fraction of the cost.
LOL.
It’s possible that right now, there are other civilizations observing the human race, studying us from afar, and noticing our decline into savagery and eventual extinction by turning billionaires into trillionaires.
People say that the principal weakness of human beings is that we can’t plan for the future as a species. Dogs are arguably even worse, though they aren’t consumed with greed. They don’t plot the starvation of millions of other dogs so they themselves can have enough food to last a billion years.
As an elderly man, I’ll be leaving this planet soon, but I won’t cease pondering this until my heart stops beating.
The drawing here reminds me of a conversation I had with my mother in the early days of 2GreenEnergy when she saw that my focus had become an ongoing effort to improve the wellbeing of all the planet’s inhabitants–now and into the future.
She asked me, “Why don’t you just live your life?”
I explained, “This is my life.”
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