US renewables developer energyRe has secured a total of US$240 million to finance the 108MWdc/198MWh Lone Star solar-plus-storage project in South Carolina.

The Bank of America provided a US$85 million tax equity commitment, while Santander committed a US$155 million for project financing. The latter includes construction debt, a tax equity bridge facility and a letter of credit facility.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Regular insight and analysis of the industry’s biggest developments
In-depth interviews with the industry’s leading figures
Unlimited digital access to the PV Tech Power journal catalogue
Unlimited digital access to the Photovoltaics International journal catalogue
Access to more than 1,000 technical papers
Discounts on Solar Media’s portfolio of events, in-person and virtual

View all benefits & pricing

Or continue reading this article for free

The developer said that the project qualifies for Investment Tax Credits (ITC) under the Inflation Reduction Act (IRA), and energyRE has signed a ten-year power purchase agreement (PPA) with regional utility Dominion Energy South Carolina for power produced at Lone Star.

On top of the PPA, energyRe said that Belgian-headquartered chemical company Syensqo will purchase all of the Renewable Energy Certificates (RECs) generated by Lone Star Solar, which will offset 35% of the company’s US emissions from electricity purchases.

Miguel Prado, CEO of energyRe said: “We are grateful to our financial partners for supporting Lone Star Solar, which will be one of the largest solar and storage facilities in the south-eastern United States. Today’s announcement underscores energyRe’s market leadership and our proven track record of delivering results for our communities.”

In December 2023, energyRe closed a deal for US$1.2 billion in financing to support the development of its US project pipeline and transmission projects. The company said it has more than 700MW of contracted solar projects in South Carolina and a regional development pipeline of more than 7GW.

UPCOMING EVENT

Renewables Procurement & Revenue Summit 2025

21 May 2025

London, UK

The Renewables Procurement & Revenues Summit serves as the European platform for connecting renewable energy suppliers to the future of energy demand. This includes bringing together a community of European off-takers, renewable generators, utilities, asset owners, and financiers. The challenges ahead are complex, but through collaboration, innovation, and a shared vision, we can navigate uncertainties and forge a sustainable energy future. Let us harness our collective knowledge to advance the renewable energy agenda.

UPCOMING EVENT

PV ModuleTech USA 2025

17 June 2025

Napa, USA

PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

UPCOMING EVENT

PV CellTech USA 2025

7 October 2025

San Francisco Bay Area, USA

PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

UPCOMING EVENT

Solar & Storage Finance USA 2025

21 October 2025

New York, USA

Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

UPCOMING EVENT

Large Scale Solar Central Eastern Europe 2025

25 November 2025

Warsaw, Poland

Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.