Salt Lake City-headquartered rPlus Energies has closed a new three-year revolving credit facility of up to $450 million, according to a November 10 report. This new facility brings the company's total announced financing commitments and credit facilities since February 2024 to approximately $3.6 billion.
The new credit facility was organized by Canadian Imperial Bank of Commerce (CIBC) and includes participation from several other lenders. These participants include National Bank of Canada, Truist Bank, KeyBank, Wells Fargo, MUFG, and Salt Lake City-based Zions Capital Markets, a division of Zions Bancorporation, N.A. The facility is supported by cash flows from nearly 1 gigawatt of operating solar and storage assets, including the Green River project and the 125 MW Pleasant Valley Solar 2 project in Ada County, Idaho, which also reached commercial operation in 2026.
The Green River Energy Center in Emery County, Utah, is a primary component of the company's operational assets. The center combines 400 megawatts of solar generation with a 400 MW battery system providing up to four hours of storage. The project began commercial operation in June 2026, and electricity from the site is contracted to PacifiCorp under a long-term agreement. rPlus Energies projects that the center will provide more than $55 million in property taxes for public services and schools over a 20-year period.
Since February 2024, rPlus has announced various financing commitments. These include up to $460 million in corporate equity, over $600 million in project tax equity, and roughly $2.5 billion in debt and credit arrangements. Notable equity commitments include up to $460 million from Sandbrook Capital and continued backing from founding investor Gardner Group. Project tax equity commitments reported in 2025 included over $500 million for Green River through RBC Community Investments and other investors, including Utah-based FJ Management, and approximately $100 million for the Pleasant Valley Solar 2 project in Idaho through Truist Bank.
The company's shift in strategy involves moving from developing projects for sale toward owning and operating energy infrastructure. The Green River Energy Center represents the first project rPlus intended to retain as an owner. This follows the company's 2023 sale of a controlling interest in its earlier Idaho Pleasant Valley Solar project to Matrix Renewables.
