Excelsior Energy Capital has closed a $1.3bn financing package for the 682.5MW Faraday Solar project located in Utah County, Utah, US.

The ground-mounted solar facility was acquired by the renewable energy infrastructure fund earlier this year from its developers Parasol and Clenera.

U.S. Bancorp Impact Finance has pledged $400m in tax equity through a solar production tax credit (PTC) partnership to finance the solar power project. The partnership, which is under a term sheet, involves two investment-grade credit transferees and secures 10-year PTC contracts, as facilitated by Ryan.

Furthermore, a $460m loan, a $300m tax-exempt bank loan (TEBL), and $250m in ancillary facilities were financed with MUFG and Nord/LB serving as coordinating lead arrangers for the Faraday Solar project.

Sumitomo Mitsui Banking, Société Générale, DNB, Zions Bank, CIBC, Huntington Bank and National Bank of Canada played the role of joint lead arrangers while Sumitomo Mitsui Trust Bank, Associated Bank and Comerica made up the debt group.

Excelsior Energy Capital mergers and acquisitions head Jason Frooshani said: “The acquisition and financing of the Faraday transaction was the result of an immensely collaborative effort with Parasol and Clenera, Excelsior’s innovative financing approach, and the efforts of our exceptional team.

“This transaction demonstrates Excelsior’s continued commitment to acquiring superior quality projects from our partners in the renewable energy sector.”

The Faraday Solar project is underpinned by an investment grade long-term power purchase agreement.

It will provide clean energy to electric utility PacifiCorp, which, in turn, will allocate the electricity to Meta. For the social technology company, this is in line with its commitments to 100% renewable energy and net zero.

Currently under construction, the American solar facility is scheduled to commence operations in Q3 2025.

For Excelsior Energy Capital, the Faraday Solar project represents the largest single investment made by its first fund, Excelsior Renewable Energy Investment Fund I.

The $504m infrastructure fund is focused on making investments in late-stage middle-market solar, wind, and battery storage facilities.

The Excelsior Renewable Energy Investment Fund I has been now fully utilised, covering 1.9GW of operational and under-construction projects spread over 10 states in the US.