rPlus Energies Secures $500M Tax Equity Financing for Green River Energy Center

In a bid to revolutionize the energy landscape of the United States, rPlus Energies, a conglomerate of experts in the energy industry, has secured a substantial $500 million in tax equity financing. This achievement is the result of a strategic partnership with RBC Community Investments for their ambitious 800 MW Green River Energy Center project. This initiative sets a new benchmark in the renewable energy sector, demonstrating the immense potential of large-scale renewable energy generation and electric storage projects.

Headquartered in Salt Lake City, Utah, rPlus Energies has been making waves in the renewable energy industry with its innovative approach to sustainable energy solutions. Their portfolio encompasses a wide spectrum of energy sources, including solar, battery, wind, and pumped storage hydro facilities. Furthermore, their community-centric outlook has led to over $650,000 in contributions towards local scholarships in project communities, reinforcing their commitment to both sustainable energy and societal growth.

The Green River Energy Center, nestled in the heartland of rural Utah, stands as one of the most substantial solar-plus-storage projects currently under construction in the United States. It boasts 400 megawatts AC (MWAC) of solar PV and 400 MWAC/1,600 megawatt-hours (MWh) of battery storage. The project has already secured a long-term power purchase agreement with PacifiCorp, illustrating its viability and potential for significant impact on the energy sector.

Over the next 20 years, the Green River Energy Center is projected to generate more than $55 million in direct economic benefits for Emery County. Furthermore, it has stimulated the local economy by creating hundreds of construction jobs. Luigi Resta, President, and CEO of rPlus Energies, emphasized the project’s contribution to the long-term resilience of the energy-producing region, underscoring its potential to shape the future of energy production in the US.

Support from key stakeholders, such as Sandbrook Capital and Gardner Group, has fortified rPlus Energies’ position in the renewable energy sector. Jonathan Cheng, Managing Director and Head of RBC’s renewable energy tax equity investments and syndications, expressed his pride in partnering with rPlus for this landmark clean energy project. He highlighted the economic and energy benefits that the Green River Energy Center will deliver to the region as pivotal factors in the transaction for RBC and its co-investors, including locally based FJ Management.

The securing of this significant investment underscores the project’s momentum, following the successful closure of over $1 billion in construction debt financing last year. The Green River Energy Center project is a testament to the transformative power of renewable energy and a harbinger of a sustainable, resilient future for the American West. The rPlus Energies story is a compelling example of how technology, finance, and a commitment to sustainability can coalesce to reshape industries and communities.