Utilities, Power, and Renewables

On January 21, 2025, Torch Clean Energy (Torch or the Company), a premier U.S.-based utility-scale solar and storage developer, announced a strategic investment from Morgan Stanley Infrastructure Partners (MSIP). This partnership with MSIP marks a pivotal transformation for Torch, enabling it to transition from a development platform to an integrated clean power platform with capabilities across development, construction, and asset management. MSIP’s investment in Torch provides committed capital to expand and transition the Torch platform. KeyBanc Capital Markets (KBCM) served on the transaction as Exclusive Financial Advisor to Torch Clean Energy.

KBCM ran a dual-track process for Torch — a broadly marketed sale of the Company’s development-complete solar and storage portfolio in parallel with a platform equity capital raise marketed to select investors. This approach allowed Torch to consider a transformational platform partnership alongside a non-dilutive asset sale. KBCM highlighted Torch’s differentiated strategy and above-market profitability, which resulted in the Company’s equity partnership with MSIP. 

About Torch Clean Energy
Torch Clean Energy is a clean energy and battery storage developer with extensive experience developing, permitting, designing, and building solar, wind, and battery energy storage projects. Torch has originated, developed, and sold 1.2+ gigawatts (GW) of renewable power projects. Based in Boulder, Colorado, Torch Clean Energy has operated as an independent, founder-owned developer since 2015. 

About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with approximately $16 billion in assets under management. Founded in 2006, MSIP has invested in a diverse portfolio of more than 35 investments across transport, digital infrastructure, energy transition, and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management.

On November 26, 2024, KeyBanc Capital Markets (KBCM) successfully closed $179.1 million in Senior Secured Credit Facilities (the Facilities) for rPlus Energies for the Pleasant Valley Solar 2 project (PVS2 or the Project). This Project is in Ada County, Idaho, adjacent to the Pleasant Valley Solar 1 project, which was developed by rPlus Energies and constructed in 2023. The PVS2 Facility comprises $97.4 million in Construction Loans, $63.4 million in ITC Bridge Loans, and $18.3 million in PPA LCs. Proceeds will be used to fund the construction and operating periods of the Project. KBCM acted as Coordinating Lead Arranger, Joint Bookrunner, Collateral Agent, and Depositary Agent.

The Pleasant Valley Solar 2 is a 125 MW_AC/163 MW_DC utility-scale solar project. It is scheduled to achieve commercial operation in the second quarter of 2026 and will generate revenue under a 20-year busbar-settled power purchase agreement with Idaho Power.

This financing marks the second transaction between rPlus Energies and KBCM. In July 2024, KBCM successfully closed senior secured credit facilities for Green River Energy Center.

About rPlus Energies
Founded in 2018, rPlus Energies is an experienced solar, storage, and wind developer based in Salt Lake City, Utah, with a development pipeline of more than 15 gigawatts (GW). Since its establishment, rPlus Energies has successfully developed more than 1.4 GW of solar and wind projects across Utah and Idaho, all of which are either operational or under construction. rPlus Energies is backed by Sandbrook Capital, a private investment firm with more than $2.1 billion in equity commitments focused on investing in leading renewable energy and sustainable infrastructure platforms throughout North America and Europe, and the Gardner Group, a leading Salt Lake City-based full-service real estate developer with an expansive real estate portfolio consisting of 10+ million square feet of commercial and medical building space and 2,500 residential lots.

On November 1, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $1.23 billion in Senior Secured Credit Facilities to support Copia Power’s Centennial Flats utility-scale solar plus energy storage project. The financing includes a $898 million construction-to-term loan, a $257 million tax-credit bridge loan, and $74 million in letters of credit. Proceeds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger.

Centennial Flats is a 675 megawatt direct current (MW_DC)  solar + 1,068 megawatt hour (MWh) energy storage project in La Paz County, Arizona, and will interconnect to the California ISO-market. Developed with tier-1 equipment, Centennial Flats will be constructed in three phases beginning in Q4 2024, with commercial operations expected in Q3 2026. The project is expected to create more than 400 jobs during construction.     

This represents the third transaction between Copia Power and KBCM.

About Copia Power
Copia Power is a renewable energy infrastructure platform launched by The Carlyle Group (NASDAQ: CG) in March 2021. Created with the acquisition of Tenaska’s 6 gigawatt (GW) solar and energy storage pipeline, Copia Power's goal is to become a leading, integrated energy transition platform specializing in developing, owning, and operating giga-scale projects in select U.S. markets. The company is led by industry veterans with extensive shared experience in developing, commercializing, constructing, and operating more than 10 GW of renewable energy projects. Since its launch, Copia Power has built a robust 18+ GW development pipeline across the U.S. with an additional 1.5 GW of projects beginning construction in the past 12 months.

On October 24, 2024, KeyBanc Capital Markets Inc. (KBCM) closed $870 million in Senior Secured Credit Facilities supporting Greenbacker Renewable Energy Company’s (GREC) utility-scale solar project, Cider. The financing includes a $373 million construction-to-term loan, a $418 million tax-equity bridge loan, and $79 million in letters of credit. The funds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, Depositary Agent, and Co-Documentation Agent.

Based in Genesee County, New York, the Cider solar project will generate a total of 674 megawatts direct current (MW_DC)/megwatt alternating current (MW_AC), making it the largest utility-scale solar farm in the state when completed. Expected to reach commercial operation in Q1 2027, the project is anticipated to power more than 120,000 homes. It has secured a 20-year contract with the New York State Energy Research and Development Authority (NYSERDA).

In addition to providing clean, affordable, renewable energy, Cider will deliver significant community benefits, including tax revenue for local governments and schools, funding for first responders and the public library, job creation, and support for local businesses.

This represents the 10th transaction between GREC and KBCM.

About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company (GREC) is a publicly registered, non-traded limited liability company that acquires and manages income-generating renewable energy and other energy-related businesses. GREC’s portfolio is primarily comprised of wind, solar, and storage projects that sell power and renewable energy credits under long-term contracts to creditworthy counterparties such as utilities, municipalities, and corporations.

KeyBanc Capital Markets, Inc. served as exclusive sell-side advisor to Renewable Properties, LLC (Renewable Properties or the Company) on the sale of its 21 megawatt direct current (MW_DC) community solar portfolio (the Portfolio) to Luminace Sunbeam Development Holdings, LLC (Luminace). The Portfolio comprised four pre-construction community solar assets in Illinois. The transaction closed in October 2024.

Luminace Overview
Luminace is a North American distributed energy business owned by Brookfield and a leading provider of decarbonization-as-a-service solutions to utilities, energy cooperatives, and commercial, industrial, and public sector customers. Luminace is one of the largest distributed energy developers, owners, and operators in North America, managing approximately 1,400 megawatts (MW) of operating distributed energy resources in 28 states, Washington, D.C., Puerto Rico, and Canada.

Renewable Properties Overview
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility, community solar, energy storage, and electric vehicle (EV) infrastructure projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties is active in 15 states and has more than 1 gigawatt (GW) of solar, energy storage, and EV infrastructure under development with over 175 MW under construction or in operation. Renewable Properties works closely with communities, developers, landowners, utilities, and financial institutions looking to invest in solar energy systems.

On August 26, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $59 million Senior Secured Credit Facility (the Facility) for Jupiter Power’s Callisto I Energy Center battery storage project (Callisto I or the Project) in ERCOT. The Facility will bridge to the purchase of the investment tax credits generated by the Project, and proceeds will be used to reimburse Jupiter for its construction costs. KBCM acted as Lead Arranger, Sole Bookrunner, Administrative Agent, and Collateral Agent. Callisto I is a 200 megawatt/400 megawatt hour utility-scale standalone battery energy storage project in Harris County, Texas. The Project reached commercial operations in August 2024. The Project will help manage energy supply and demand imbalances, growing load requirements, and increase resilience from extreme weather events in the Houston metropolitan area. This represents the second transaction between Jupiter Power and KBCM.

Jupiter Power Overview:
Headquartered in Austin, Texas and formed in 2017, Jupiter Power is a premier developer, owner, and operator of utility-scale energy storage projects. The Company’s portfolio of operational and under-construction projects is one of the largest in the country, including the leading energy storage fleet in Texas. Additionally, Jupiter has a development pipeline of more than 11 gigawatts.. Jupiter Power is owned by BlackRock Alternatives via a fund managed by its Diversified Infrastructure business. BlackRock is the world’s largest asset manager and holds over $50 billion of infrastructure AUM, composed of equity, debt, and alternative solutions, with the goal of driving the clean energy transition.

About the Transaction: 
On September 23, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $665 million in Senior Secured Credit Facilities (the Facilities) for Clearway Energy Group’s Pine Forest Solar project. Pine Forest is a utility-scale solar + storage facility in Hopkins County, Texas. The Facilities comprise $103 million in Construction Loans, $203 million in Cash Equity Bridge Loans, $42 million in Tax Equity Bridge Loans, $275 million in Tax Credit Transfer Bridge Loans, and $42 million in Letters of Credit. Proceeds will be used to fund the construction and operating periods of the project. KBCM acted as Joint Lead Arranger, Administrative Agent, and Collateral Agent. 

Pine Forest is a 370 MW utility-scale solar and 200 megawatt (MW), storage project in the ERCOT power market and will generate revenue through a 20-year power purchase agreement with Dell and a 15-year power purchase agreement with Universal. 

This represents the 18th transaction between Clearway Energy Group and KBCM.

About Clearway Energy Group:
Clearway Energy Group was founded in 2012 and is headquartered in Princeton, New Jersey. It is a full-scope Development & Operations platform with over 10.4 gigawatts (GW) of wind, solar, and energy storage assets in operation. In 2022, TotalEnergies acquired 50% of Clearway Energy Group from Global Infrastructure Partners. As of September 2024, Clearway Energy Group has an extensive pipeline of 30 GW of solar, wind, and storage projects in both regulated and deregulated regions. It has committed to grid reliability with more than 12 GW of paired and standalone storage operating or in development. The company has more than 800 employees with operating solar and wind projects in 27 states.

On August 29, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $285 million in Senior Secured Credit Facilities for Doral Renewables’ Mammoth South and Central projects in Pulaski County, Indiana. Together with its sister project, Mammoth North, these projects will comprise the largest standalone solar portfolio in the U.S. The funds will accelerate the construction of the portfolio over the next 12 months, with plans for a larger construction-to-term financing solution. KBCM acted as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent, Collateral Agent, and Depositary Agent.

The Portfolio consists of three utility-scale standalone solar projects (Mammoth South, Mammoth Central I, and Mammoth Central II), totaling 900 megawatt (MW) alternating current (AC)/1,128 MW direct current (DC). All three projects are expected to reach commercial operations by March 2027. Once operational, the complete Mammoth Solar portfolio, including Doral Renewables’ Mammoth North project in Starke County, Indiana, will have a nameplate capacity of 1.3 gigawatts (GW) and power ~275,000 households annually.

Doral Renewables Overview:
Headquartered in Philadelphia, Doral Renewables is a developer, owner, and operator of utility-scale solar, co-located solar and storage, and standalone storage projects across North America. Doral Renewables’ solar and storage development portfolio totals more than 13 GW, including 1.3 GW under construction, and operates in 18 states across 10 electricity markets and has over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers.

Doral Renewables has global leadership and investments from the Doral Group (TASE: DORL.TA), Migdal Group, and Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO), a leading global asset manager. In June 2024, Doral Renewables announced a $400 million minority equity investment on behalf of the largest Dutch pension fund, ABP, which looks after the pensions of 4.6 million participants and manages approximately 569 billion euros in pension assets.

About the Transaction:
On July 25, 2024, KeyBanc Capital Markets, Inc. (KBCM) announced completion of $258 million in senior secured credit facilities with esVolta, LP, for a 980 megawatt hour portfolio of standalone battery energy storage projects. KBCM acted as Coordinating Lead Arranger, Collateral Agent, and Depository Agent.

The credit facilities consist of construction plus tax equity bridge financing, letters of credit, and a long-term loan to finance three of esVolta’s energy storage project assets currently under construction in Texas including Anole, Desert Willow, and Burksol. Each of the projects is designed to provide fast-responding energy and ancillary services into the ERCOT market, helping to strengthen the regional electric grid.

esVolta Overview:
Founded in 2017, esVolta, LP, is a top developer, owner, and operator of utility scale energy storage projects across North America. The company’s portfolio of operational plus in-construction projects totals about 1.5 gigawatt hours of storage capacity, and the firm is developing a large pipeline of future storage projects. esVolta is a portfolio company of Generate Capital, PBC, a leading sustainable infrastructure company driving the infrastructure transition. Additional information about esVolta is available at www.esvolta.com.

About the Transaction: 
On July 10, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $1.1 billion in Senior Secured Credit Facilities (the Facilities) for rPlus Energies’ Green River Energy Center (GREC or the Project). Based in Emery County, Utah, GREC is expected to be one of the largest utility-scale solar-plus-battery storage projects in North America. The Facilities comprise $699 million in Construction Loans, $270 million in ITC Bridge Loans, $120 million in PPA LCs, and $3 million in Interconnection LCs. Proceeds will be used to fund the construction and operating periods of the Project. KBCM acted as Coordinating Lead Arranger, Joint Bookrunner, Collateral Agent, and Depositary Agent.

The Green River Energy Center is composed of a 400 megawatt/alternating current/540 MW direct current  solar array and a 400 MW/1,600 megawatt hour battery energy storage system. The project is on track to achieve commercial operation in Q2 2026 and will generate revenue under a 20-year busbar-settled power purchase agreement with PacifiCorp.

rPlus Energies Overview:
Founded in 2018, rPlus Energies is an experienced solar, storage and wind developer based in Salt Lake City, Utah, with a 15+ GW development pipeline. Since its establishment, rPlus Energies has successfully developed more than 630 MW_AC of solar and wind projects across Utah and Idaho, all of which are currently either operational or under construction. rPlus Energies is backed by Sandbrook Capital, a private investment firm with more than $2.1 billion in equity commitments focused on investing in leading renewable energy and sustainable infrastructure platforms across North America and Europe, and the Gardner Group, a leading Salt Lake City-based full-service real estate developer with an expansive real estate portfolio consisting of 10+ million square feet of commercial and medical building space and 2,500 residential lots. The GREC project represents a significant milestone for rPlus Energies, as it will be their first project that they will own themselves, made possible with the support of Sandbrook Capital.

KeyBanc Capital Markets, Inc. (KBCM) served as exclusive sell-side advisor to Renewable Properties, LLC (Renewable Properties or the Company) on the sale of its 28 MWDC solar distributed generation portfolio (the Portfolio) to EDPR NA Distributed Generation LLC (EDPR). The transaction closed in June 2024.

Transaction Overview
KBCM was engaged by Renewable Properties to serve as sell-side advisor on the divestiture of 100% of its membership interests in the Portfolio, composed of four pre-construction community solar projects in Illinois. KBCM conducted a targeted outreach process, identifying several highly credible investors that ultimately resulted in multiple actionable indicative offers. Using its market knowledge, KBCM was then able to maximize competitive tension between these bidders, preserving seller leverage and optimizing deal terms. EDPR emerged as the optimal buyer of the Portfolio.

EDP Renewable North America Overview
EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms, solar parks, and energy storage systems throughout North America. Headquartered in Houston, Texas, with 61 wind farms, 15 solar parks, and eight regional offices across North America, EDPR NA has developed more than 10,600 megawatts (MW) and operates more than 9,600 MW of onshore utility-scale renewable energy projects.

Renewable Properties Overview
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility, community solar, energy storage, and electric vehicle (EV) infrastructure projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties is active in 15 states and has more than 1 gigawatt of solar, energy storage, and EV infrastructure under development with over 155 MW under construction or in operation. Renewable Properties works closely with communities, developers, landowners, utilities, and financial institutions looking to invest in solar energy systems.

On February 27, 2024, AEP OnSite Partners (AEPOSP) and PNMR Development & Management (PNMRD, and together with AEPOSP, the Companies) closed the sale of their 100% equity interests in an 840 MW_DC Portfolio of utility-scale solar and solar-plus-storage assets in New Mexico to Exus Management Partners (Exus). The Portfolio consists of nine operating solar projects totaling 238 MW_DC of capacity and six solar-plus-storage projects totaling 602 MW_DC of capacity. KeyBanc Capital Markets was engaged as the Companies’ Exclusive Financial Advisor.

About AEP OnSite Partners:
AEP OnSite Partners, a subsidiary of American Electric Power (AEP), is a renewable energy asset developer, owner, and operator across behind-the-meter energy solutions, including solar, energy storage, substations, fuel cells, and peaking generation resources. AEP is one of the largest electric energy companies in the U.S., serving nearly 5.6 million customers in 11 states, with over 25 gigawatts (GW) in generating capacity distributed across 225,000 distribution miles. As of September 2023, AEP had $95 billion in total assets. For more information, please visit www.aep.com and follow AEP on LinkedIn. 

About PNMR Development & Management:
PNMR Development & Management, the renewables development subsidiary of PNM Resources (“PNMR”), is a premier renewable energy developer in New Mexico. PNMR is headquartered in Albuquerque, New Mexico, and reported 2022 consolidated operating revenues of $2.2 billion. Through its regulated utilities, PNMR provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas, leveraging a diverse mix of generating resources with 2.7 GW of capacity. For more information, please visit www.pnmresources.com and follow PNMR on LinkedIn.

About Exus Management Partners
Exus Management Partners, headquartered in Pittsburgh, Pennsylvania, is a renewable energy asset management and development firm with over 11 GW of operating projects in nine countries. In October 2023, Exus received a 1 billion euro commitment from Partners Group to support its transition into a platform that builds, owns, and operates renewables assets, in addition to continuing to provide asset management services. For more information, please visit www.exuspartners.com and follow Exus on LinkedIn.