energyRe Closes $815M Financing for Five South Carolina Solar Projects

energyRe has closed an $815 million financing package for five utility-scale solar projects in South Carolina, advancing approximately 360 megawatts of generating capacity backed by long-term power contracts.

The company described the transaction as one of the largest solar-only project financings in the state’s history. It supports energyRe’s goal of investing $2 billion in South Carolina by 2030.

Bank of America, Canadian Imperial Bank of Commerce and Santander supported the financing. Bank of America served as documentation agent, while Santander acted as financial advisor to energyRe.

The projects are contracted under 25-year power purchase agreements. In February, energyRe announced agreements with an unnamed major investor-owned utility for five South Carolina projects totaling 360 megawatts: Shorthorn, Culpepper, Clarendon, Rollins and Ross.

“These projects will create jobs during construction and operations and deliver affordable, reliable power to South Carolina homes and businesses for decades to come,” said Pedro Pereira, energyRe’s chief financial officer.

The Charleston-based company expects the projects to generate tens of millions of dollars in revenue for local governments.

Its mergers and acquisitions and capital markets team, led by Surya Mohan, structured and executed the transaction alongside Santander and lending and tax equity partners.

energyRe said it has broken ground on approximately 450 megawatts over the past year and has nearly 700 megawatts operating or in late-stage development.

Its solar portfolio exceeds 1.8 gigawatts across 20 projects in South Carolina, North Carolina, Nebraska and Oklahoma. Including earlier financing packages, the company reports raising more than $1.9 billion to support that portfolio.

The latest package follows a separate $370 million South Carolina solar financing announced in October 2025.