Renewable energy company energyRe has closed a financing deal worth $815m for several solar projects in South Carolina, US.
The financing covers five utility-scale projects that will collectively contribute approximately 360MW of new electricity generation within the Palmetto state.
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It was facilitated by the Canadian Imperial Bank of Commerce and Santander, and Bank of America, which is acting as the documentation agent. Santander is the financial advisor for energyRe.
These projects, secured under 25-year power purchase agreements (PPAs), are expected to generate substantial revenue for local governments over their lifespan.
energyRe chief financial officer Pedro Pereira said: “This portfolio financing is our largest to date, and it reflects the confidence our lenders have in both the quality of our assets and our team’s ability to deliver.
“South Carolina is at the centre of our growth strategy, and this closing moves us meaningfully closer to our goal of investing $2bn in the state by 2030. These projects will create jobs during construction and operations and deliver affordable, reliable power to South Carolina homes and businesses for decades to come.”
energyRe’s M&A [mergers and acquisitions] and Capital Markets team, led by Surya Mohan, orchestrated the financial structuring with the collaboration of Santander and the company’s lending and tax equity partners.
Bank of America Global Sustainable & Infrastructure Finance Group Asset Finance head Omer Farooq said: “This transaction reflects the type of investment our $250bn Critical Infrastructure Finance Initiative was created to advance.”
In the past year, the company has initiated the development of roughly 450MW in solar capacity, with nearly 700MW now operational or in late-stage development.
Its portfolio exceeds 1.8GW, encompassing 20 projects across South Carolina, North Carolina, Nebraska and Oklahoma. Including this recent deal, energyRe has amassed more than $1.9bn in financial backing for its solar project operations to date.
In May 2025, Google signed a renewable energy agreement with energyRe, securing more than 600MW of solar and solar with storage projects in South Carolina.
