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.
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Here’s a short video that addresses the assault that the U.S. federal government is conducting on the health of people in red states and counties.
Of course, this is another fine example of what Lyndon Johnson said: “If you can convince the lowest white man that he’s better than the finest black man, he’ll open up his wallet to you.”
In this case, uneducated white people don’t care about their own ignorance or poverty or disease, as long as their president is vigorously punishing non-whites.
To the point being made at left, I’m a progressive, but I honestly couldn’t care less if white people of the American south want to wallow in incest, disease, poverty, and ignorance.
On the other hand, I am concerned about the plight of hungry children, homeless veterans, the collapse of the environment, the destruction of the educational system, and the criminal psychosis of the U.S. president.
I had a friend who co-coached my son’s all-star soccer team with me 20+ years ago who told me, when I told him that I was an environmentalist, “Oh no, Craig, we must hasten to destroy the Earth, so as to welcome the return of Jesus Christ,” by which, of course, he meant the rapture, the apocalypse as discussed at length in Revelation.
I have heard some twisted s*** in my time, but this stands at or near the top.
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