SB Energy Secures USD 2.4B to Power US Communities with Domestic RE

SB Energy Global, LLC (SB Energy) has successfully raised USD 2.4 billion in collaboration with prominent financial institutions, including J.P. Morgan, Bank of America, and Morgan Stanley Renewables Inc. 

The funding, comprising USD 800 million in tax equity and USD 1.65 billion in term and construction debt, is dedicated to supporting a 1.3 GW portfolio of four utility-scale solar projects. Notably, three of these projects mark a milestone as the first in the US to reach financial close with the 'domestic content adder,' a provision in the Inflation Reduction Act (IRA) aimed at bolstering America's manufacturing sector and generating high-quality jobs.

SB Energy remains committed to fostering domestic clean energy deployment and has been supporting more than 3,600 new direct and supply chain jobs. The projects are strategically located in energy communities grappling with higher-than-average unemployment rates due to recent coal closures or fossil fuel retirements. 

Rich Hossfeld, Co-CEO of SB Energy, expressed pride in being the first company to reach financial close on projects leveraging the IRA's incentives. "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 utilize these adders with our partners J.P. 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," he said. 

Utilizing 1.1 million high domestic content solar modules manufactured in Ohio by First Solar, along with other domestic components, SB Energy is leading the charge in onshoring the clean energy supply chain.