Exus Renewables North America, an independent developer of large-scale renewable energy projects, has secured $308.2 million in financing to support two major portfolios in the United States. The Zia Solar Power portfolio in New Mexico and the Keystone wind portfolio in Pennsylvania are now equipped with dedicated financial resources to further their development and long-term operation.
Solar expansion in New Mexico
The Zia Solar Power portfolio consists of nine operational solar farms located in Deming, Los Lunas, Albuquerque, Moriarty, and Rio Rancho, with a total installed capacity of 185 megawatts. Exus Renewables North America secured $149.6 million in financing for this portfolio, with long-term power purchase agreements (PPAs) signed with Public Service Company of New Mexico, Central New Mexico Electric Cooperative, Columbus Electric Cooperative, and the City of Rio Rancho. These contracts extend over 20 to 25 years, ensuring stability in the revenue generated by the plants.
The financing, which closed in May, was structured by ING Capital and PNC Capital Markets LLC. This transaction allows Exus Renewables North America to strengthen its position in the New Mexico solar market, an area characterized by strong demand for photovoltaic energy to power various infrastructures.
Strengthening the wind portfolio in Pennsylvania
In Pennsylvania, Exus Renewables North America also finalized $158.6 million in financing for the Keystone wind portfolio. This includes the Twin Ridges (139 MW) and Patton (30 MW) wind projects. KeyBanc Capital Markets served as the coordinating lead arranger, with Crédit Agricole Corporate and Investment Bank and Societe Generale acting as joint lead arrangers.
The Twin Ridges project underwent a repowering operation in 2024, extending its operational life and optimizing its energy efficiency. The Keystone portfolio benefits from various power purchase agreements, including one with Vitol for the supply of electricity and renewable energy certificates, diversifying its revenue sources.
Financing structure and outlook
The success of these financial operations reflects the confidence of banking partners in Exus Renewables North America’s ability to execute projects in competitive markets. The commitment of counterparties to long-term purchase agreements is a central element in securing financial flows over the lifetime of the assets.
The U.S. renewable energy sector continues to attract significant capital, supporting the modernization and expansion of production infrastructures. Exus Renewables North America’s recent transactions illustrate the growing need for structured financing in the energy industry, as stakeholders adapt to new technical and contractual standards. Observed trends could stimulate interest from institutional investors in large-scale solar and wind markets.
