#United States #New Mexico #Exus Renewables #TAG project

Exus Renewables Secures Financing for Solar + Storage Project

Exus Renewables North America, a prominent player in the renewable energy sector, has successfully secured a substantial financing amounting to $312 million for its TAG project. This initiative, which combines high-capacity solar energy generation with state-of-the-art battery storage, is set to be established in Sandoval County, New Mexico. The project is ambitious, featuring a 140-megawatt solar installation in conjunction with a 50-megawatt/200-megawatt-hour battery storage system.

A Strong Financial Backing

The financing includes both construction and term debt, primarily led by Crédit Agricole Corporate and Investment Bank and ING Americas. Additionally, Exus has made a significant equity investment, underscoring its confidence in the project's success and future impact. Jim Spencer, the president and CEO of Exus Renewables North America, noted that this financing marks a critical step in the company's trajectory and demonstrates their commitment to promoting clean energy in the U.S.

With this financial foundation, Exus aims to deliver innovative utility-scale projects that not only meet energy needs but also enhance the sustainability of the energy grid. The TAG project integrates advanced solar technologies alongside Tesla's Megapack battery storage systems, sprawling over 1,000 acres. This approach is designed to augment the grid's reliability, supporting the increasing demand for renewable energy.

Community Impact and Job Creation

Anticipated for completion in the second quarter of 2025, the TAG project will play a significant role in supporting local infrastructure. The energy produced will be directed towards powering a Meta data center. In the short term, the project is generating more than 250 temporary construction jobs, and once operational, it is expected to create various full-time roles focused on operations and maintenance.

Moreover, the project is projected to contribute over $17 million to the Sandoval County and local school districts across the next 30 years. This financial commitment illustrates Exus's dedication not only to renewable energy but also to the economic development of the communities in which they operate.

Strengthening Partnerships

The arrangement of this financing follows Exus's strategic acquisition of New Mexico Renewable Development LLC's portfolio, enhancing their position as a leading renewable energy developer within the Southwest. According to Evan Levy, Managing Director of the Energy Infrastructure Group at Crédit Agricole CIB, the successful financing is significant and opens doors for further green energy initiatives that incorporate both solar and battery storage solutions.

Filipe Barreto from ING Capital LLC expressed pride in supporting Exus's growth strategy, indicating that the strong fundamentals of the TAG project made it a remarkable transaction. This partnership not only signifies the project’s potential but also the promising future of collaborations in the renewable energy sector.

Mining the knowledge and expertise from various legal institutions, Exus was represented by Norton Rose Fulbright during the financing and acquisition processes. Their legal backing played an essential role in bringing the project from concept to a stage where it can begin to impact both the environment and local economies.

Jim Spencer concluded by emphasizing that the TAG project is not just an installation of solar panels, but a testament to Exus's vision for a sustainable energy future. Through the integration of solar generation and battery storage solutions, they aim to create a more resilient and efficient power grid for New Mexico, thus supporting national decarbonization goals while also benefiting local communities.

About Exus Renewables North America

Exus Renewables North America operates as a prominent independent developer and operator of utility-scale renewable energy projects. With offices located in Pittsburgh, New York, and Albuquerque, and a team of over 80 employees, Exus is dedicated to developing, repowering, and managing renewable energy assets effectively and sustainably.