RPlus Energies secures $500M in tax equity financing for Green River Energy Center

Salt Lake City-based rPlus Energies has closed on more than $500 million in tax equity financing to support the ongoing construction of its Green River Energy Center, a solar-plus-storage project in Emery County.

The financing was furnished by RBC Community Investments, an investing arm of Royal Bank of Canada, and a syndicate of energy investors, including FJ Management, operators of the Flying J fuel and convenience store chain based in Ogden.

The loans will use the federal Investment Tax Credit financing system, a type of project financing where investors provide capital to a project, often in the renewable energy sector, in exchange for a share of the project’s tax credits and other tax benefits. Essentially, it’s a way to “monetize” tax credits by selling them to investors who can use them to reduce their tax liability.

RPlus Energies develops, owns and operates large-scale renewable energy generation and electric storage projects in the United States.

The Green River Energy Center includes 400 megawatts of solar generation and 400 megawatts/1,600 megawatt-hours of battery storage. The project has a long-term power purchase agreement in place with PacifiCorp. It is among the largest solar-plus-storage projects currently under construction in the United States and is expected to generate more than $55 million in direct economic benefits for Emery County over the next 20 years. It has created hundreds of construction jobs.

“Green River Energy Center is an investment in the long-term resilience of a region that has powered the American West for generations,” said Luigi Resta, president and CEO of rPlus Energies. “This project honors Emery County’s legacy as an energy-producing region while helping to secure its future. By utilizing federal tools, such as the investment tax credit, we ensure that rural communities continue to lead our country’s energy production and dominance.”

“We are proud to partner with rPlus and provide tax equity financing for this landmark clean energy project. The economic and energy benefits that the Green River Energy Center will bring to the region were key factors in the transaction for RBC and our co-investors, including locally based FJ Management,” said Jonathan Cheng, managing director and head of RBC’s renewable energy tax equity investments and syndications.

Last year, Green River Energy Center announced over $1 billion in construction debt financing. Stakeholders in the project have also announced $375,000 in contributions to two scholarship programs, the Local First Scholarship and the Energy First Scholarship, in partnership with Utah State University.

The Green River Energy Center project is expected to be complete in 2026.