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rPlus Energies secures over $500mn for 800 MW solar-storage project in the United States

rPlus Energies finalised over $500mn in tax equity financing with RBC to support the construction of the 800 MW Green River Energy Center in Utah.

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rPlus Energies announced the closing of a tax equity financing exceeding $500mn with RBC Community Investments and a syndicate of investors for its Green River Energy Center project, located in Emery County, Utah. The financial structure leverages the federal Investment Tax Credit (ITC) programme.

Large-scale solar and battery initiative

The Green River Energy Center combines 400 megawatts alternating current (MWAC) of photovoltaic solar panels with 400 MWAC of battery storage capacity, amounting to 1,600 megawatt-hours (MWh). The project already has a long-term power purchase agreement in place with PacifiCorp, a subsidiary of Berkshire Hathaway Energy.

According to official statements, the development ranks among the largest solar-storage projects currently under construction in the United States. It is projected to deliver more than $55mn (approximately AED202mn) in direct economic benefits to Emery County over a twenty-year period.

Regional impact and financial partners

The financing follows the successful closing of over $1bn (AED3.67bn) in construction debt in 2024. RBC was joined in the transaction by several co-investors, including Utah-based FJ Management.

“We are proud to finance this landmark energy project,” said Jonathan Cheng, Managing Director and Head of Renewable Energy Tax Equity Investments at RBC. He noted that the economic and energy benefits of the project were decisive factors for investor participation.

Local development and construction timeline

rPlus Energies and its partners have also committed $375,000 (AED1.37mn) to support two university scholarship programmes in collaboration with Utah State University Eastern. These scholarships, provided with each project entering construction, are designed to support workforce development and retain local talent in the energy sector.

The Green River Energy Center is scheduled to come online in 2026. Legal counsel was provided to rPlus Energies by Norton Rose Fulbright, CCA, and Dorsey & Whitney, while Sidley Austin and Snell & Wilmer represented RBC and the syndicate.

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