US-based energy developer energyRe confirmed it has secured approximately $370mn in financing to support the construction of a portfolio of solar projects in South Carolina. The transaction, combining construction and term loans, was structured by Banco Santander, which also acted as administrative agent.
The banking consortium involved in the deal includes Banco Santander, Bank of America, Natixis and Société Générale, all acting as Coordinated Lead Arrangers. These financial institutions mobilised their structured finance divisions to enable the realisation of solar assets aimed at addressing rising electricity demand in the region.
Major financial backing to support energy capacity growth
Once operational, the projects are expected to generate enough electricity to power approximately 36,000 households annually. The portfolio represents a step in energyRe’s expansion strategy, targeting regions experiencing strong demographic and industrial growth. The financing will cover construction phase requirements and ensure long-term operational viability.
Ryan Brown, Chief Operating Officer of energyRe, praised the collaboration with the lenders, calling it essential for the large-scale deployment of infrastructure to meet current and future US energy needs.
Complex structuring and capacity implications
Ricardo Pereira, Executive Director of Structured Finance and Advisory at Santander Corporate & Investment Banking, stated the transaction reflects the bank’s capacity to support large-scale energy projects. He noted that the operation draws on Santander’s accumulated experience in the US energy finance market.
No details were disclosed regarding the portfolio’s total installed capacity or the exact commissioning schedule. However, the realisation of the projects is expected to strengthen the regional power supply in an area marked by growing demand, although no information was provided about the technical or industrial partners involved in construction.
