SB Energy Global has successfully secured a total of $2.4 billion in funding to bolster a 1,300-megawatt portfolio encompassing four utility-scale solar projects in the United States. Collaborating with financial institutions such as JP Morgan, Bank of America, Morgan Stanley Renewables Inc, and Truist Bank, SB Energy has closed approximately $800 million in tax equity.
Furthermore, in partnership with seven other financial entities (MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, and Societe Generale), the company has raised $450 million in term debt and $1.2 billion in construction debt.
Of particular note, three of these solar projects represent the inaugural utility-scale initiatives in the US to achieve financial closure with the “domestic content adder,” a provision within the Inflation Reduction Act aimed at fortifying America’s manufacturing foundation. In order to qualify for this domestic content adder, SB Energy is employing 1.1 million high domestic content solar modules manufactured in Ohio by First Solar.
Furthermore, Nextracker is providing trackers with expanded component providers in various US states, including Pennsylvania, Nevada, and Tennessee, among others. The structural steel used in these projects will exclusively originate from domestic sources in Texas and Georgia. SB Energy remains committed to leading collaborations with domestic manufacturers to further establish the clean energy supply chain within the United States.
SB Energy Co-CEO, Rich Hossfeld, commented “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.”
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