U.S. renewable energy developer energyRe has closed an $815 million financing package for five utility-scale solar projects in South Carolina, marking one of the state’s largest solar-only financing transactions, according to the company.

The projects will provide approximately 360 megawatts (MW) of additional generating capacity, supporting energyRe’s broader strategy to invest $2 billion in South Carolina by 2030.

The financing, energyRe’s largest to date, was backed by Bank of America, Canadian Imperial Bank of Commerce (CIBC), and Santander. Bank of America acted as documentation agent, while Santander served as financial advisor.

The five projects are covered by 25-year power purchase agreements (PPAs), providing long-term contractual revenue arrangements that can support project financing and reduce exposure to wholesale electricity price volatility.

In February 2026, energyRe announced long-term electricity supply agreements for five South Carolina solar developments: Shorthorn Solar, Culpepper Solar, Clarendon Solar, Rollins Solar, and Ross Solar. The company estimated that the 360-MW portfolio could generate enough electricity to supply approximately 58,600 homes annually once operational.

The company expects the projects to generate tens of millions of dollars in revenue for local governments while creating employment opportunities during construction and operations.

The latest financing follows a $370 million package secured by energyRe in October 2025 for another South Carolina solar portfolio. That earlier transaction involved Santander, Bank of America, Natixis, and Société Générale, highlighting continued lender participation in the company’s renewable energy developments.

The new agreement also comes as energyRe expands its U.S. solar development pipeline. The company has started construction on approximately 450 MW of projects over the past year and currently has nearly 700 MW either operational or approaching development completion.

Its solar portfolio now exceeds 1.8 gigawatts (GW) across 20 projects in South Carolina, North Carolina, Nebraska, and Oklahoma. Including the latest transaction, energyRe has secured more than $1.9 billion in financing for its solar portfolio.

The financing underscores the role of long-term electricity purchase contracts and institutional capital in supporting large-scale renewable energy infrastructure as U.S. electricity demand grows.

By Charles Kennedy for Oilprice.com

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