NEWS BRIEF: Utah-based rPlus Energies Lands $304 Million in New Financings to Help Drive Renewable Energy Projects

In 2024, rPlus has now raised nearly $1.9 billion in equity and debt financings to support over 1.2 Gigawatts of projects under construction and an additional 15GW in development.

Salt Lake City, Utah-based rPlus Energies has landed $304 million in new financings to help it drive construction of projects slated to bring 1.2 Gigawatts of renewable energy generation online in the near future.

According to yesterday's rPlus news release, it has closed

• "... a $179 million construction debt facility for its Pleasant Valley Solar 2 project ..." along with
• "... a (separate) $125 million Corporate Letter of Credit Facility secured with Deutsche Bank to support the company’s ongoing growth."

The $179 million construction debt facility was led by

• Canadian Imperial Bank of Commerce (New York Branch),
• Crédit Agricole Corporate and Investment Bank, and
• KeyBanc Capital Markets. 

The rPlus Pleasant Valley Solar 2 project is being built in Ada County, Idaho "... in conjunction with advancing Meta’s commitment to support its nearby Kuna data center with 100% clean and renewable energy."

According to Luigi Resta, President and CEO of rPlus Energies,

“From raising $460 million in platform equity from Sandbrook Capital, to securing $1.1 billion in construction financing for our Green River Energy Center, and now these latest milestones, we’re focused on bringing projects to life."

As noted on its website, "rPlus Energies is a renewable energy development company based in Salt Lake City ... with a focus on developing, financing, constructing, owning and operating strategically-located, cost-competitive, large-scale renewable energy generation and storage projects ..."

In fact, in reviewing the rPlus website, it appears the company has over 40 renewable energy projects underway today.

By way of background, Salt Lake City-headquartered Gardner Group, one of Utah's largest and most successful real estate developer/owner/investor companies, formed rPlus Energies as a subsidiary in late 2018.

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