Excelsior Energy's Faraday Solar project secures US$1.3bn financing package

Excelsior Energy Capital has secured a financing package of US$1.3bn for Faraday Solar, a 682.5MW solar project located in Utah, United States. 

The package is composed by a US$400m tax equity throlugh a solar production tax credit (PTC) partnership pledged by the U.S. Bancorp Impact Finance; a US$460m loan, a US$300 tax-exempt bank loan (TEBL), and US$250m in ancillary facilities financed with a group of arrangers led by MUFG and Nord/LB.

Acquired earlier this year from Parasol and Clenera, the solar project has a long-term power purchase agreement (PPA) with PacifiCorp. 

Construction work has already begun and start-up is expected in the third quarter of 2025.

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