Excelsior Energy Capital of Excelsior, Minnesota, has closed on a $1.3 billion financing package for the Faraday Solar project west of Utah Lake in Utah County. Excelsior acquired Faraday Solar earlier this year from Parasol and Clenera, who developed the project.
Faraday Solar is a 682.5-megawatt ground-mounted solar facility currently under construction and is expected to enter operations in third quarter of 2025. The project has a long-term contract to provide renewable energy to PacifiCorp, that will ultimately allocate the power to Meta, supporting the company’s 100 percent renewable energy and net zero commitments.
“The acquisition and financing of the Faraday transaction was the result of an immensely collaborative effort with Parasol and Clenera, Excelsior’s innovative financing approach and the efforts of our exceptional team,” said Jason Frooshani, head of mergers and acquisitions at Excelsior. “This transaction demonstrates Excelsior’s continued commitment to acquiring superio- quality projects from our partners in the renewable energy sector.”