Project finance and tax equity deals were closed by rPlus Energies, Soltage and Origis Energy.
Despite ongoing regulatory battles and an uncertain fate for clean energy tax credits, solar developers are booking major funding deals to support their project portfolios.
Solar is expected to represent over 50% of new electricity capacity added to the grid this year and utility-scale developers are moving projects forward. The group of deals suggests continued investor confidence in solar as a bankable and resilient asset.
In the first of three deals announced today, New Jersey-based Soltage, an independent power producer that develops, finances and operates distributed utility-scale solar and energy storage assets, closed a $260 million construction and term debt financing facility.
Soltage reports that it has developed more than 125 clean energy projects totaling over 500 MW of distributed generation capacity.
The company has an over 2 GW project pipeline across the U.S. The financing structure includes a revolving construction loan, tax equity bridge loan and term loan facility, offering Soltage flexible capital to continue developing, building, and operating solar assets.
The facility was structured and led by National Bank of Canada, alongside First Citizens Bank, with BankUnited, Cadence Bank, and Siemens Financial Services joining as joint arrangers. Legal counsel was provided by Foley Hoag LLP on behalf of Soltage, and Norton Rose Fulbright LLP represented the lending syndicate.
Next up, Origis Energy announced the successful financial closing of its Wheatland solar project with MUFG, one of the ten largest financial groups globally. Wheatland solar is part of a $530 million portfolio financing with the group, which also includes the Optimist Solar and Storage Project.
Wheatland is a 150 MW solar project in Knox County, Indiana, slated for completion in the first half of 2026. It has secured a power purchase agreement with utility CenterPoint Energy.
Optimist Solar brings 200 MW of solar and 50 MW / 200 MWh of battery energy storage to Clay County, Mississippi.
MUFG was coordinating lead arranger, green loan coordinator and administrative agent, and participating banks included: Associated Bank, CoBank, National Bank of Canada and NatWest as joint lead arrangers, and Amalgamated Bank and Siemens Financial Services as lenders. Latham & Watkins represented Origis Energy in the Wheatland transaction, with Taft Stettinius serving as local counsel. Milbank, LLP acted as MUFG’s counsel, with Dentons serving as MUFG’s local counsel.
Finally, rPlus Energies closed over $500 million in tax equity investment for the Green River Energy Center project in Emery, Utah. The financing will use the federal Investment Tax Credit, rPlus Energies said in a statement.
The project, expected to be complete in 2026, will add 400 MW of solar and 400 MW / 1600 MWh of battery energy storage to the Utah grid. It will supply power and grid services to utility PacifiCorp via a long-term power purchase agreement.
The project is expected to generate more than $55 million in direct economic benefits for Emery County over the next 20 years.
rPlus Energies closed over $1 billion in construction debt financing for the project last year. Green River Energy Center is among the largest solar projects in development in the United States.
Norton Rose Fulbright, CCA, and Dorsey & Whitney advised rPlus Energies, and Sidley Austin and Snell & Wilmer advised RBC on behalf of the tax equity syndicate.
