rPlus Energies has successfully secured over $500 million in funding for its ambitious 400MW/1.6GWh solar-plus-storage project in Emery County, Utah. This financing comes from a tax equity commitment exceeding $500 million from RBC Community Investments and a consortium of investors. The funds will utilize the federal Investment Tax Credit (ITC) to aid in the development of the Green River Energy Center.
The Green River Energy Center, currently under construction, features 400MW of solar PV and 400MW/1,600MWh of battery energy storage system (BESS). The solar-plus-storage project is anticipated to be completed by 2026 and is regarded as one of Utah’s largest planned initiatives of its kind. A power purchase agreement (PPA) with US utility PacifiCorp was established in October 2022 to support the project.
Luigi Resta, CEO of rPlus Energies, stated, “This project will use federal tools, such as the investment tax credit, to ensure that rural communities continue to lead the country’s energy production.” The current financing follows last year’s successful acquisition of over $1 billion in construction debt financing, led by notable financial institutions including Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets, MUFG Bank, Truist Securities, and Wells Fargo Securities.
Additionally, project partners have contributed a total of $375,000 to support two scholarship programs—the Local First Scholarship and the Energy First Scholarship—in collaboration with Utah State University Eastern. These programs aim to train local workers, retain skilled talent in the region, and prepare students for future opportunities in the expanding energy sector.
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