Excelsior Energy Capital, a U.S. renewable energy infrastructure investor, announced on Tuesday the successful closure of a $1.3 billion financing package for its Faraday Solar project in Utah County, Utah. The Faraday Solar project, acquired earlier this year from Parasol and Clenera Holdings LLC, is a 682.5-MW ground-mounted solar project with a long-term power purchase agreement (PPA) in place.
Key financing partners include U.S. Bancorp Impact Finance, committing $400 million in tax equity through a solar production tax credit (PTC) partnership. MUFG and Nord/LB acted as coordinating lead arrangers on a $460 million loan, a $300 million tax equity bridge loan, and ancillary facilities totaling $250 million.
Joint lead arrangers in the financing package included DNB, Zions Bank, Sumitomo Mitsui Banking Corporation, Societe Generale, CIBC, Huntington Bank, and National Bank of Canada. Additional participation came from Sumitomo Mitsui Trust Bank, Associated Bank, and Comerica.
The Faraday solar farm, currently under construction, is expected to commence operations in the third quarter of 2025. The project will operate under a PPA with U.S. utility PacifiCorp, allocating its power to social media company Meta Platforms Inc.
Excelsior's Faraday project represents the largest investment made by its flagship fund, Excelsior Renewable Energy Investment Fund I. The fund is now fully deployed, encompassing 1.9 GW of operating and in-construction projects spread across ten U.S. states.
