xcelsior Energy Capital, an American investor in renewable energy infrastructure, has sealed a whopping $1.3 billion financing package for the Faraday Solar project in Utah County, Utah. This strategic move follows their acquisition of Faraday Solar from developers Parasol and Clenera earlier this year.
Excelsior’s new project is a colossal 682.5 MW ground-mounted solar facility backed by a long-term power purchase agreement. The financial muscle behind this endeavor includes a robust $400 million commitment from U.S. Bancorp Impact Finance through a evergreen solar PTC Partnership. Additionally, the project has secured a $460 million loan, a $300 million tax equity bridge loan, and $250 million in ancillary facilities, with MUFG and Nord/LB spearheading the financial arrangements.
Currently in the construction phase, Faraday is on schedule to begin operations in the third quarter of 2025. The project holds a long-term agreement with PacifiCorp, a major player in Western utilities. The energy generated will be channeled to Meta (formerly Facebook), aiding its pursuit of 100% renewable energy and net-zero commitments.
Faraday project marks the largest investment for Excelsior's first flagship fund, the Excelsior Renewable Energy Investment Fund I. This $504 million infrastructure fund, devoted to late-stage investments in solar, wind, and battery storage projects across the US, has now fully invested its capital with Faraday Solar, expanding its portfolio to a staggering 1.9 GW spread across 10 states.