The Faraday solar project, having an installed capacity of 685.3 MWdc/525 MWac and located in Utah County, Utah, commenced commercial operations on September 30, 2025. Developed by Excelsior Energy Capital, it has a 20-year power purchase agreement (PPA) with PacifiCorp through Rocky Mountain Power’s Schedule 34 green energy tariff. Under this arrangement, Meta will procure energy and environmental attributes from the project to provide clean energy to its operations in Utah.
Excelsior Energy Capital acquired the Faraday Solar project in 2023 from Parasol and Clenera, the initial developers of the project. It subsequently advanced it through financing and construction stages. The long-term PPA ensures stable revenue for the project and supports PacifiCorp in maintaining reliable power supply to Meta.
The project’s financing structure included tax equity investment from US Bancorp Impact Finance. MUFG and Nord/LB acted as coordinating lead arrangers, with Deutsche Bank serving as collateral agent. Additional joint lead arrangers included DNB, Zions Bank, Sumitomo Mitsui Banking Corporation, Société Générale, CIBC, Huntington Bank, and the National Bank of Canada, while Sumitomo Mitsui Trust Bank, Associated Bank, and Comerica extended further support. Legal counsel was provided by Akin Gump Strauss Hauer & Feld LLP. The Development Bank of Japan and Industriens Pension participated in co-investment alongside Excelsior’s limited partners.
