News
Stay Up to Date on HRCE Projects
deploying renewable
generation at scale
SB Energy secures $2.4 billion for incentive-rich utility-scale solar projects
SB Energy Global announced it has secured a combined $2.4 billion to support a four-project utility-scale solar portfolio. The 1.3 GW of projects are among the first to take advantage of the Inflation Reduction Act (IRA) domestic content tax credit adder. The projects are also located in qualified Energy Communities, making them eligible for a further tax credit adder under the IRA. To qualify for the domestic content adder, SB Energy is utilizing 1.1 million domestic content solar modules manufactured in Ohio by First Solar. The project also uses U.S.-made Nextracker tracking, and structural steel from Texas and Georgia.
SB ENERGY EXECS DISCUSS HOW LATEST PROJECT PORTFOLIO QUALIFIED FOR DOMESTIC CONTENT AND ENERGY COMMUNITY ADDERS
SB Energy started to rethink how it was building its portfolio of projects almost the moment after the Inflation Reduction Act passed in August 2022, according to Co-CEO Rich Hossfeld in an interview with NPM. As reported, the developer raised USD 2.4bn in financing to support the construction of a 1.3 GW portfolio of four utility-scale solar projects in Texas in late 2023. Three of the projects are also the first utility-scale projects in the US to reach financial close with the domestic content adder. Even without formal guidance being passed, SB Energy set about trying to source parts to meet the domestic content adder.