energyRe has secured $155 million in project financing and $85 million in tax equity commitment for its 108 MWdc Lone Star Solar project and 198MWh Battery Energy Storage System (BESS) in South Carolina.
Lone Star Solar is under construction and is expected to be operational by Fall 2024.
The $155 million in project financing for Lone Star Solar includes construction debt, tax equity bridge facility and letter of credit facility with Santander acting as the Coordinating Lead Arranger. Bank of America has committed $85 million in tax equity. The project qualifies for Investment Tax Credits (ITCs) under the Inflation Reduction Act (IRA).
In January 2023, energyRe announced a 10-year power purchase agreement with Dominion Energy South Carolina (DESC) for Lone Star Solar. Lone Star Solar will be one of the largest solar and storage facilities in the Southeastern United States and will have the largest battery on the DESC network. Over the life of the project, Lone Star Solar will generate more than $10 million in local property taxes and create approximately 185 jobs during construction.
Syensqo will purchase 100 percent of the renewable energy certificates (RECs) generated by Lone Star Solar; the clean power generated by Lone Star Solar will help Syensqo reduce carbon emissions for approximately 35 percent of its U.S. electricity purchases and decrease greenhouse gas emissions of its operations by 73,000 metric tons annually.
energyRe has more than 700 MW of contracted solar projects in South Carolina and a regional development pipeline of more than 7 GWs.