![]() "We are proud to have partnered with Excelsior Energy Capital on this significant investment for Fund I as one of the Coordinating Lead Arrangers," said Beth Waters, Managing Director, Project Finance, Americas at MUFG. Sumitomo Mitsui Trust Bank, Associated Bank and Comerica filled out the debt group. DNB, Zions Bank, Sumitomo Mitsui Banking Corporation, Société Générale, CIBC, Huntington Bank and National Bank of Canada acted as Joint Lead Arrangers. "A project of this size requires an enormous amount of collaboration, and we were pleased to work with a talented group of professionals from the Excelsior team to spearhead it."Ī USD 460m loan, a USD 300m TEBL and USD 250m in ancillary facilities were financed with MUFG and Nord/LB acting as Coordinating Lead Arrangers. It creates jobs and clean electricity in the state of Utah for generations," said Director of Renewable Energy Investments Darren Van’t Hof. Bancorp Impact Finance is thrilled to be a part of such an impactful project. The partnership is under term sheet with two investment grade credit transferees for 10-year PTC contracts as arranged with Ryan, LLC. Bancorp Impact Finance committed USD 400m of tax equity through a solar PTC Partnership. ![]() "We are grateful to our financing partners, and to the creative team at US Bank who worked with Excelsior to leverage several tools made available through the IRA to enable Faraday," said Gabriel Wuebben, Excelsior’s Head of Capital Markets. The project has a long-term contract to provide renewable energy to PacifiCorp who will ultimately allocate the power to Meta, supporting the company’s 100% renewable energy and net zero commitments. "This transaction demonstrates Excelsior’s continued commitment to acquiring superior quality projects from our partners in the renewable energy sector."įaraday is currently under construction and is expected to enter operations in third quarter 2025. "The acquisition and financing of the Faraday transaction was the result of an immensely collaborative effort with Parasol and Clenera, Excelsior’s innovative financing approach, and the efforts of our exceptional team," said Jason Frooshani, Head of Mergers and Acquisitions at Excelsior. ![]() Fund I is now fully deployed and consists of 1.9 GW of operating and in-construction projects diversified across 10 U.S. Fund I is a $504M infrastructure fund focused on investments in late-stage middle-market solar, wind and battery storage projects. The Faraday investment is the largest single investment made by Excelsior’s first flagship fund, Excelsior Renewable Energy Investment Fund I ("Fund I"). Faraday Solar is a 682.5 MW ground-mounted solar facility and is contracted under an investment grade long-term power purchase agreement. Excelsior acquired Faraday Solar earlier this year from Parasol and Clenera who developed the project. EXCELSIOR, Minn., November 28, 2023-( BUSINESS WIRE)-Excelsior Energy Capital announced today that it has closed a USD $1.3B financing package on the Faraday Solar project in Utah County, Utah.
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