Excelsior Energy Capital, recently closed a $1.3 billion financing package for the Faraday Solar project in Utah County, Utah. Previously acquired from Parasol and Clenera, Faraday Solar stands out as a 682.5MW ground-mounted solar power plant with a long-term investment-grade contract.
Investment and Impact of the Fund I
This investment represents the largest of Excelsior’s first flagship funds, the $504 million Excelsior Renewable Energy Investment Fund I, an infrastructure fund. Focusing on advanced-stage solar, wind and battery storage projects, Fund I now has a total of 1.9GW of projects in operation and under construction, spread across ten US states.
Collaboration and Innovative Financing
Jason Frooshani, Head of Mergers and Acquisitions at Excelsior, highlights the intense collaboration with Parasol and Clenera and Excelsior’s innovative financial approach. Gabriel Wuebben, Head of Capital Markets at Excelsior, highlights the use of tools offered by the IRA for the Faraday project.
Partnership with U.S. Bancorp Impact Finance
U.S. Bancorp Impact Finance has committed $400 million in tax equity to a PTC solar partnership. This major project is creating jobs and clean electricity in Utah, according to Darren Van’t Hof, Director of Renewable Energy Investments.
Role of the Lead Arrangers
MUFG and Nord/LB, as lead arrangers, orchestrated a $460 million loan, a $300 million TEBL and $250 million in ancillary facilities. Beth Waters of MUFG and Sondra Martinez of Nord/LB expressed their pride in supporting this significant project.
The Faraday project symbolizes a key step in the energy transition and the fulfillment of commitments to renewable energy and carbon neutrality. Scheduled to go live in the third quarter of 2025, this initiative demonstrates the growing impact of strategic collaborations and innovative financing in the renewable energies sector.
