February 2024
Deutsche Bank’s Trust and Agency Services (TAS) supports Excelsior Energy Capital on a US$1.3bn Faraday Solar project financing
Deutsche Bank TAS has been appointed as collateral agent and account bank for the US$1.3bn project financing by Excelsior Energy Capital, on a long-term loan facility.
The financing will fund the construction and operation of a 682.5 MWdc / 525MWac ground-mounted solar facility in Utah County, Utah. The facility, known as Faraday Solar, is currently under construction and is expected to enter operations in the third quarter of 2025.
A large-scale investment in renewable energy
Excelsior Renewable Energy Investment Fund I is a US$504m infrastructure fund focused on investments in late-stage middle-market solar, wind and battery storage projects. The Fund invested in 1.9 GW of operating and in-construction projects diversified across 10 US states. The Faraday Solar investment represents its largest single investment.
“This transaction demonstrates Excelsior’s continued commitment to acquiring superior quality projects from our partners in the renewable energy sector”
Excelsior Energy acquired the project earlier this year from Parasol and Clenera, the original developers. The project has a long-term contract to provide renewable energy to PacifiCorp, which will allocate the power to Meta, supporting the company’s 100% renewable energy and net zero commitments.
“The acquisition and financing of the Faraday transaction was the result of an immensely collaborative effort with Parasol and Clenera, Excelsior’s innovative financing approach, and the efforts of our exceptional team,” said Jason Frooshani, Head of Mergers and Acquisitions at Excelsior. “This transaction demonstrates Excelsior’s continued commitment to acquiring superior quality projects from our partners in the renewable energy sector.”
“We are pleased to be supporting Excelsior Energy Capital on Faraday Solar with our agency services, as it looks to further expand its renewable capacity in the US and support the energy transition,” said Thalia Delahayes, Head of Project Finance Agency, Americas, Deutsche Bank.
About Excelsior Energy Capital
Excelsior Energy Capital is a renewable energy infrastructure fund focused on long-term investments in operating wind and solar plants in North America. Their team has a proven track record with their execution of US$3bn of equity investments across 2.3 GW of operating renewable energy projects. Once aggregated, they expect their portfolio to offset enough metric tons of CO2 that would be the equivalent of removing about 148,000 cars from the roads.