SB Energy Secures $2.4 Billion for Renewable Energy Projects
Summary
Working with J.P. Morgan, Bank of America, Morgan Stanley Renewables Inc., and Truist Bank, SB Energy has closed approximately $800 million in tax equity, and working with seven other financial institutions (MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, and Soci\xe9t\xe9 G\xe9n\xe9rale) raised $450 million in term debt and $1.2 billion in construction debt to support a 1.3 gigawatt (GW) portfolio of four utility-scale solar projects.Since its inception, SB Energy has been committed to growing domestic clean energy deployment and the U.S. supply chain. Overall, SB Energy is proud to support over 3,600 new direct and supply chain jobs1 across the four projects all located in energy communities that have seen higher than average unemployment rates due to recent coal closures or fossil fuel retirements.Three of the projects are also the first utility-scale projects in the U.S. to reach financial close with the domestic content adder, a provision in the IRA designed to strengthen Americas manufacturing base and the good-paying jobs that support it. Additionally, Nextracker is supplying trackers with recently expanded component providers in multiple U.S. states, including Pennsylvania, Nevada, and Tennessee, among others. Google recently announced it will invest $330 million this year in the state that includes beginning construction on a new data center in Red Oak.J.P. Moreover, by utilizing the IRAs domestic content and energy community adders, we have created a blueprint for deploying clean infrastructure that advances Americas prosperity and wellbeing, said Gianluca Signorelli, SB Energy Head of Capital Markets.