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energyRe closes $815M financing for South Carolina solar portfolio

energyRe closes $815M financing for South Carolina solar portfolio

Money Moves

Five projects totaling 360 MW backed by 25-year power purchase agreements

Today: ENR details financing, grid work and county rules

Overview

Updated 49 minutes ago

energyRe closed an $815 million financing package on Oct. 12 for five utility-scale solar projects in South Carolina, one of the largest solar-only deals in the state's history. The portfolio covers roughly 360 megawatts of new capacity backed by 25-year power purchase agreements with one of South Carolina's largest investor-owned utilities.

The financing is a step toward energyRe's target of investing $2 billion in South Carolina by 2030. But the build-out carries friction: Duke Energy is spending $10.1 million on grid connections for at least one project, and Darlington County, where three of the projects are planned, has tightened siting rules for utility-scale solar.

Why it matters

The deal tests whether South Carolina's grid and local rules can absorb utility-scale solar at the pace developers want to build it.

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Key Indicators

$815M
Financing package
One of the largest solar-only project financings in South Carolina history.
360 MW
Total portfolio capacity
Five utility-scale projects contracted under 25-year power purchase agreements.
58,600
Homes powered annually
Estimated once all five projects reach commercial operation.
$2B
South Carolina investment goal
energyRe's stated investment target for the state by 2030.
$1.9B
Total financing raised
Combined with previous packages for energyRe's solar portfolio of 1.8+ gigawatts.

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People Involved

Organizations Involved

Timeline

February 2026 October 2026

5 events Latest: Today
Tap a bar to jump to that date
  1. ENR details financing, grid work and county rules

    Today Report

    Engineering News-Record publishes details of the $815M deal, the $10.1M Duke grid connection and Darlington County's Ordinance 26-06.

  2. energyRe closes $815M financing package

    Finance

    Bank of America, CIBC and Santander back the five-project, 360-MW solar portfolio under 25-year PPAs.

  3. Duke Energy starts Culpepper grid connection work

    Infrastructure

    Duke Energy Progress tells the SC Public Service Commission that below-grade work has begun on the Byrdtown Road 230-kV substation.

  4. Darlington County rejects solar moratorium

    Regulation

    County council votes 5-3 against a nine-month solar and wind moratorium, allowing development applications to continue.

  5. energyRe signs 25-year power purchase agreements

    Agreement

    energyRe executes PPAs with a large South Carolina investor-owned utility covering Shorthorn, Clarendon, Culpepper, Rollins and Ross solar projects, 360 MW total.

Scenarios

1

All five solar projects reach commercial operation

Possible Resolves by End of 2030

Discussed by: Engineering News-Record; Duke Energy construction filings

Shorthorn, Clarendon, Culpepper, Rollins and Ross complete construction and begin delivering power under their 25-year PPAs. Duke's grid connection for Culpepper is projected to finish in April 2029. If all five come online, the portfolio adds roughly 360 MW and powers about 58,600 homes annually.

2

Culpepper grid connection slips past April 2029

Possible Resolves by May 15, 2029

Discussed by: Duke Energy Progress quarterly construction updates; Engineering News-Record

Duke projected the Byrdtown Road substation and related transmission reconfiguration for Culpepper Solar to finish in April 2029. The land transfer for the substation site was still being processed in late September 2026. Any slip delays when Culpepper can deliver power to Duke's system.

3

Solar development continues in Darlington County under new rules

Possible Resolves by Q2 2028

Discussed by: Engineering News-Record; county residents' petitions

Ordinance 26-06 sets 100-foot setbacks from property lines, 600 feet from residences, vegetative screening, and decommissioning assurance of at least $50,000 or 125% of estimated costs. A separate neighborhood project near Deer Run Drive drew a 115-signature opposition petition. Whether new applications still get permitted under the tighter standards will show how much the rules slow the county's solar build-out.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

August 2022

Inflation Reduction Act (2022)

Congress passed a climate and energy bill that extended the solar investment tax credit at 30% and added a production tax credit through 2032. The decade of tax credit certainty ended years of boom-bust cycles in renewable project development.

Then

Utility-scale solar deployment accelerated sharply in 2023 through 2025 as developers locked in credits.

Now

The stable tax base underlies today's wave of large private project financings.

Why this matters now

energyRe's $815 million deal rests on the same IRA tax credit framework, which makes its 25-year power purchase agreements bankable.

2010-2016

California desert solar build-out (2010-2016)

California drove the first wave of utility-scale solar, building projects such as Ivanpah, Desert Sunlight and Topaz across the Mojave and Sonoran deserts. Developers faced environmental review, threatened species conflicts and community resistance.

Then

Several projects completed after costly design changes and delays; others scaled back.

Now

Set the template for large-scale solar siting battles that rural counties still face today.

Why this matters now

Darlington County's new setback and decommissioning rules, and the McElveens' opposition petition, echo those early California conflicts.

Sources

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