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
- Source
- PV Magazine USA
Finance Counterparties
Lenders & Capital Providers
- constructionDebtArrangers
- MUFGNord/LB
- taxEquityProviders
- U.S. Bancorp Impact Finance
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