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FinancingClosedNovember 28, 2023

Faraday Solar — 682.5 MW utility-scale solar with investment-grade long-term PPA, Utah

Excelsior closed $1.3B financing for Faraday Solar (682.5 MW) in Utah. U.S. Bancorp Impact Finance committed $400M of tax equity through solar PTC partnership. $460M loan + $300M tax equity bridge + $250M ancillary facilities arranged by MUFG and Nord/LB as CLAs. Investment-grade long-term PPA. One of the largest single-asset solar financings of 2023.

$1.30B

Deal Value

682.5MW

Capacity

Solar

Technology

UT

Location

Deal Details

Deal Type
Project Finance
Seller / Sponsor
Excelsior Energy Capital
Buyer / Financier
U.S. Bancorp Impact Finance ($400M tax equity), MUFG, Nord/LB (CLAs)
Deal Value
$1.3B ($400M tax equity + $460M loan + $300M tax equity bridge + $250M ancillary)
Stage
Construction
ISO/RTO
Western

Finance Counterparties

Lenders & Capital Providers

constructionDebtArrangers
MUFGNord/LB
taxEquityProviders
U.S. Bancorp Impact Finance

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