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Clean energy developer rPlus Energies has raised over a $1 billion in construction debt to build out a large solar and storage project in southeastern Utah, the company tells Axios. 

Why it matters: Investors are eager to back clean energy projects as the demand for solar and storage soars. 

Zoom in: The financing comes from five lenders: Wells Fargo Securities, Crédit Agricole Corporate, Investment Bank KeyBanc Capital Markets, MUFG Bank, and Truist Securities.

rPlus Energies President Luigi Resta said the project, called the Green River Energy Center, will be the company's first that it will own and operate, with a purchase agreement with utility PacifiCorp.

The project, which will have 400 MW of solar and 1600 MW/h of storage, will be built in Emery County, a community with a long history in the coal sector. 

The project is "an example of how energy communities can transition from conventional to renewable and still have both of them working together," said Resta. The project is supposed to create 500 construction jobs. 

Catch up quick: rPlus Energies, founded in 2018 and based in Salt Lake City, builds clean energy projects with solar panels, battery storage, and pumped hydro storage. 

The company says it has a pipeline of 15 GW worth of projects and over the past few years has developed solar projects in Utah and Idaho. 

rPlus plans to start construction of the Green River Energy Center this year, with planned operation by May 2026. 

The company recently raised $460 million from private equity investor Sandbrook Capital. 

The big picture: Demand for clean energy and battery storage projects is surging as utilities get bombarded with power requests to support new data centers and manufacturing facilities and a growing amount of electric vehicles plugging in. 

Investors from BlackRock to KKR to Generate Capital are investing in projects and companies that are building utility-scale solar farms paired with large battery plants. 

Solar and battery projects are expected to make up 81% of new electricity-generating capacity built in the U.S. this year. New battery capacity is projected to hit a record and double this year.

Projects like rPlus' Green River Energy Center can benefit from the Investment Tax Credit, boosted by the Inflation Reduction Act. 

Exclusive: rPlus Energies closes over $1B debt for Utah solar, battery project

Solar and battery projects will make up over 80% of new electricity capacity in U.S. this year.

A plot of land in Emery County, Utah where the Green River Energy Center, a solar and storage project, will be built.

A plot of land in Emery County, Utah, where the Green River Energy Center, a solar and storage project, will be built. Photo: Courtesy of rPlus Energies

Solar power

Clean energy developer rPlus Energies has raised over a $1 billion in construction debt to build out a large solar and storage project in southeastern Utah, the company tells Axios. Why it matters: Investors are eager to back clean energy projects as the demand for solar and storage soars.

Exclusive: rPlus Energies closes over $1B debt for Utah solar, battery project

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