SB Energy Global has secured a combined $2.4bn to support a 1300MW 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 closed approximately $800m in tax equity, and working with seven other financial institutions (MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, and Societe Generale) raised $450m in term debt and $1.2bn in construction debt.
Three of the solar projects are also the first utility-scale projects in the US to reach financial close with the “domestic content adder,” a provision in the Inflation Reduction Act designed to strengthen America’s manufacturing base.
To qualify for the domestic content adder, SB Energy is utilising 1.1m high domestic content solar modules manufactured in Ohio by First Solar.
Additionally, Nextracker is supplying trackers with recently expanded component providers in multiple US states, including Pennsylvania, Nevada, and Tennessee, among others.
All structural steel on these same projects will use domestically-sourced metal from Texas and Georgia. SB Energy will continue to lead in partnering with domestic manufacturers to onshore more of the clean energy supply chain.
SB Energy co-chief executive Rich Hossfeld said: “The IRA’s domestic content and energy community incentives were designed to expand America’s manufacturing base and create good-paying jobs in communities that need them.
“We are thrilled to be the first company to reach financial close on projects that utilise these adders with our partners JP Morgan Chase, Bank of America, Morgan Stanley Renewables Inc, and Truist Bank. SB Energy commends our tax equity partners for their industry leadership in clean energy deployment and supporting American workers.”