U.S. renewable-energy developer energyRe has closed an $815 million financing package for five utility-scale solar projects in South Carolina, securing capital for about 360 megawatts of new generating capacity.
The transaction is energyRe’s largest to date and ranks among the largest solar-only project-financing deals in South Carolina’s history. It moves the company closer to its goal of investing $2 billion in the state by 2030.
The financing was supported by Bank of America, Canadian Imperial Bank of Commerce and Santander. Bank of America served as documentation agent, while Santander acted as financial adviser to energyRe.
What the money will fund
The transaction covers five solar projects across South Carolina: Shorthorn Solar, Culpepper Solar, Clarendon Solar, Rollins Solar and Ross Solar. Together, they are expected to provide approximately 360MW of new capacity.
The projects are contracted under 25-year power-purchase agreements with one of South Carolina’s largest investor-owned utilities. Those long-term contracts provide a stable revenue base that can support project financing and reduce exposure to wholesale electricity-price swings.
energyRe estimates that the portfolio could supply enough electricity for about 58,600 homes annually once operational. The company also expects the projects to generate tens of millions of dollars in revenue for local governments and create employment during construction and operations.
A major financing milestone
The $815 million package was structured and executed by energyRe’s M&A and Capital Markets team, led by Senior Vice President Surya Mohan. The team worked alongside Santander, the company’s lenders and its tax-equity partners.
The transaction follows a $370 million financing package secured by energyRe in October 2025 for another South Carolina solar portfolio. That earlier deal involved Santander, Bank of America, Natixis and Société Générale.
Including the latest package, energyRe has raised more than $1.9 billion to support its solar portfolio. The company has also broken ground on approximately 450MW over the past year and has nearly 700MW in operation or late-stage development.
Why South Carolina matters
The deal highlights South Carolina’s growing role in large-scale energy development. The state has become increasingly attractive to solar developers because of rising electricity demand, long-term utility contracts and the need to add generation capacity for homes, businesses and industrial users.
For energyRe, South Carolina is central to its growth strategy. The company’s broader portfolio exceeds 1.8 gigawatts across 20 projects in South Carolina, North Carolina, Nebraska and Oklahoma.
The financing also reflects the growing role of institutional capital in U.S. renewable-energy development. Long-term contracts, tax equity and project finance allow developers to build large portfolios while spreading construction and operational risks across lenders and investors.
energyRe’s $815 million financing adds to the expanding U.S. solar-construction and financing pipeline that includes TotalEnergies and KKR’s agreement to add 700MW of solar capacity in Texas and Ohio. While energyRe is securing capital for five projects in South Carolina, TotalEnergies and KKR are expanding their joint venture with three utility-scale solar projects valued at $1.2 billion.
What to watch
The key question is whether the five projects can move from financing to construction and commercial operation on schedule. Solar projects can face delays related to permitting, grid interconnection, equipment supply and construction.
The deal also underscores the importance of long-term utility contracts in making large solar portfolios financially viable. If completed, the projects will add 360MW of capacity to South Carolina’s power system and provide long-term revenue for local governments.
Fact Sheet
- Company: energyRe.
- Announcement date: October 12, 2026.
- Financing package: $815 million.
- Projects: Five utility-scale solar projects.
- Location: South Carolina.
- New capacity: Approximately 360 megawatts.
- Projects: Shorthorn Solar, Culpepper Solar, Clarendon Solar, Rollins Solar and Ross Solar.
- Contracts: 25-year power-purchase agreements.
- Estimated homes powered: About 58,600 annually.
- Lenders and supporters: Bank of America, CIBC and Santander.
- Documentation agent: Bank of America.
- Financial adviser: Santander.
- Company target: Invest $2 billion in South Carolina by 2030.
- Total solar financing raised: More than $1.9 billion.
- Broader portfolio: More than 1.8 gigawatts across 20 projects in South Carolina, North Carolina, Nebraska and Oklahoma.
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