Excelsior Energy Capital has announced that it has concluded a financing package of $1.3 billion on the Faraday Solar project in Utah County, Utah. Reportedly, Excelsior acquired Faraday Solar earlier in 2023 from Parasol and Clenera who developed the project. Faraday Solar is a 682.5 MW ground-mounted solar facility. Furthermore, the project is contracted under an investment grade long-term power purchase agreement.
Additionally, Faraday is currently under construction and is scheduled to enter operations in third quarter 2025. The project has a long-term contract to provide renewable energy to PacifiCorp who will ultimately allocate the power to Meta, supporting the company’s 100 per cent renewable energy and net zero commitments.
Excelsior Energy Capital is a renewable energy infrastructure fund that focuses on investments in wind, solar and battery storage segments in North America. Meanwhile, PacifiCorp is a grid operator in the western United States, and serves nearly 2 million customers. It operates as Rocky Mountain Power in Idaho, Utah and Wyoming and as Pacific Power in California, Oregon and Washington.
REGlobal’s Views: This renewable power will go to Meta that is one of the largest corporate buyers of renewable energy in the US, as it needs large volumes of energy to power its energy-intensive data centers. Other tech giants like Google and Amazon are also significantly focusing on increasing their renewable energy procurement.
