Energy developer energyRe on Oct. 12 closed an $815 million financing package for five South Carolina solar projects totaling approximately 360 MW, with construction of the grid infrastructure to serve at least one of the developments underway.
Bank of America, Canadian Imperial Bank of Commerce and Santander participated in the financing, which EnergyRe says is backed by 25-year power purchase agreements. The developer did not name the projects, but in February announced 25-year deals for a five-project, 360 MW portfolio in South Carolina that includes Shorthorn Solar in Lee County, Clarendon Solar in Clarendon County and Culpepper, Rollins and Ross solar projects in Darlington County.
The number of projects, capacity and terms of the purchase agreement match the portfolio announced in February, but EnergyRe has not confirmed to ENR that the two announcements cover the same projects and did not immediately respond to additional questions about the project.
“This financing secures the capital to move these projects forward and demonstrates energyRe’s ability to fund its development portfolio at scale,” Surya Mohan, energyRe’s senior vice president of M&A and capital markets, said in a statement.
The transaction also advances energyRe’s stated goal of investing $2 billion in South Carolina by 2030, according to CFO Pedro Pereira.
Culpepper network connection construction begins
Duke Energy crews work at a substation in North Carolina. The utility has begun below-grade work on a separate $10.1 million grid connection serving energyRe’s Culpepper Solar project in South Carolina.
Photo courtesy of Duke Energy
Duke Energy Progress, a subsidiary of Duke Energy, told the South Carolina Public Utilities Commission on Sept. 30 that below-grade work had begun on the 230-kV substation on Byrdtown Road planned to connect Culpepper Solar to its system in Darlington County. The company’s quarterly construction update said the land transfer for the substation site was still being processed.
Duke’s plans also call for a 230-kV Culpepper Solar switching station and a roughly 370-foot generation tie line connecting it to the Byrdtown Road substation. The utility will reconfigure its existing 230 kV Robinson Plant-Florence line to connect to the new substation and replace four existing transmission structures with five new structures.
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Each substation is planned on about seven acres provided by Culpepper Solar. Duke estimated the work at $10.1 million, with Culpepper Solar responsible for the cost. His February filing calls for completion in April 2029, and he said the improvements are needed so the generating facility can supply power to Duke’s system.
The filing documents the construction of the associated utility infrastructure, not the Culpepper solar array itself.
Darlington County tightens solar siting rules
Darlington County, where three of energyRe’s previously announced projects are planned, has adopted stricter development standards for utility-scale solar installations after a debate over the industry’s expanding footprint.
Duke Energy Progress plans a new 230 kV substation and transmission connection in Darlington County, SC, to interconnect energyRe’s Culpepper Solar project with the utility’s grid. Click to enlarge.
Map courtesy of Duke Energy Progress
County officials reported about 622 acres of tax parcels already dedicated to solar generation and another 12,553 acres in various stages of development when they proposed a nine-month moratorium on new solar and wind projects.
The county council rejected the moratorium on Sept. 10 in a 5-3 vote, allowing the development applications to continue with the permitting process. The council subsequently adopted Ordinance 26-06, which amends the county’s renewable energy development standards.
The county Planning Commission recommended setbacks of 100 feet from neighboring property lines and 600 feet from residences, along with ongoing vegetative control and a financial guarantee of at least $50,000 or 125 percent of the estimated decommissioning costs, whichever is greater.
Residents near a separately proposed solar development around Deer Run Drive and Clyde Road have pushed for larger setbacks, stronger teardown requirements and restrictions on new development. “Simply put, a utility-scale solar installation does not belong in the middle of a neighborhood,” residents Earl and Trena McElveen told county officials in a written statement.
A petition seeking stronger solar protections and opposing the neighborhood project had collected 115 verified signatures. The opposition relates to a different project, and ENR has not identified any opposition specifically directed at energyRe’s Culpepper, Rollins or Ross developments.
EnergyRe says it began building about 450 MW of solar projects over the past year, but has not named contractors or construction schedules for the five projects in its latest financing. It’s not yet clear how much of the $815 million will fund new construction versus projects already underway.
