SB Energy Funds 1.3GW Solar Portfolio with IRA Domestic Content
- SB Energy Global secures $2.4bn to finance 1.3GW US solar projects, creating good-paying jobs and driving clean energy deployment. Domestic content adder provisions in the Inflation Reduction Act fuel US manufacturing.
SB Energy Global has successfully secured $2.4bn to finance a 1.3GW portfolio of four US utility-scale solar projects. Working with JP Morgan, Bank of America, Morgan Stanley Renewables Inc, and Truist Bank, SB Energy has raised $800m in tax equity, $450m in term debt and $1.2bn in construction debt. These three projects are the first to make use of 'domestic content adder' provisions in the Inflation Reduction Act, in order to stimulate US manufacturing. To qualify for the adder, SB Energy is sourcing 1.1m high domestic content solar modules from Ohio and Nextracker trackers from multiple US states, including Pennsylvania, Nevada, and Tennessee. Additionally, structural steel is being sourced from Texas and Georgia. The financing signals industry leadership in clean energy deployment and creating good-paying jobs in the US.
What Are the Financing Details of SB Energy's US Solar Projects?
- The financing package was secured from JP Morgan, Bank of America, Morgan Stanley Renewables Inc, and Truist Bank.
- The package consists of $800m in tax equity, $450m in term debt, and $1.2bn in construction debt.
- The projects are the first to make use of the Inflation Reduction Act's 'domestic content adder' provision to stimulate US manufacturing.
- SB Energy is sourcing 1.1m high domestic content solar modules from Ohio and Nextracker trackers from multiple US states such as Pennsylvania, Nevada, and Tennessee.
- Structural steel is being sourced from Texas and Georgia.
- The financing signals industry leadership in clean energy deployment and US job growth.
