Excelsior Energy Capital has announced that it has concluded a financing package of $1.3 billion on the Faraday Solar project in Utah County, Utah. Reportedly, Excelsior acquired Faraday Solar earlier in 2023 from Parasol and Clenera who developed the project. Faraday Solar is a 682.5 MW ground-mounted solar facility. Furthermore, the project is contracted under an investment grade long-term power purchase agreement.
Additionally, Faraday is currently under construction and is scheduled to enter operations in third quarter 2025. The project has a long-term contract to provide renewable energy to PacifiCorp who will ultimately allocate the power to Meta, supporting the company’s 100 per cent renewable energy and net zero commitments.
In July 2023, First Solar announced its plans for an investment of $1.1 billion. The investment intends to build a fifth manufacturing facility in the US. The company made the move in an effort to increase American production of photovoltaic solar modules. The new manufacturing facility will add 3.5 GW of capacity to the company’s nameplate, and it will be vertically linked.
