Exus Renewables North America Secures $312 Million in Financing for its New Mexico-Based Solar + Storage Project

PITTSBURGH, Jan. 15, 2025 /PRNewswire/ -- Exus Renewables North America has secured $312 million in financing for the TAG project, a 140-megawatt solar and 50-megawatt/200-megawatt-hour battery storage facility in Sandoval County, New Mexico. The financing package includes construction and term debt, led by Crédit Agricole Corporate and Investment Bank and ING Americas, with a significant equity investment from Exus.

"The successful financing of the TAG project represents a pivotal moment in Exus' growth trajectory and our commitment to advancing America's clean energy future," said Jim Spencer, president and CEO of Exus Renewables North America. "This financing structure showcases our ability to deliver innovative, utility-scale projects that combine cutting-edge technology with practical energy solutions."

The project integrates solar technology with Tesla Megapack battery storage systems across 1,000 acres, demonstrating Exus' commitment to developing versatile renewable energy assets that enhance grid reliability. Scheduled for completion in second-quarter 2025, the energy generated by the TAG project will be used by a Meta data center. The project currently supports more than 250 temporary construction jobs and will create full-time operations and maintenance jobs upon completion. The project will contribute more than $17 million to Sandoval County and local school districts over the next 30 years.

This financing follows Exus Renewables North America's strategic acquisition of New Mexico Renewable Development LLC's portfolio, reinforcing the company's position as a leading renewable energy developer in the Southwest. The TAG project exemplifies Exus' approach to developing impactful clean energy solutions that support local communities while advancing national decarbonization goals.

"We congratulate Exus Renewables North America on their first landmark renewable financing, which will provide green energy through a utility-scale co-location of solar generation and battery storage solutions," said Evan Levy, Managing Director, Energy & Infrastructure Group, Crédit Agricole CIB. "Crédit Agricole CIB is pleased to play a leading role in their success."

"ING is very proud to have acted as a Coordinating Lead Arranger (CLA) on the TAG transaction and to support Exus Renewables North America's growth strategy in the U.S.," said Filipe Barreto, Director, Energy - Renewables & Power, ING Capital LLC. "The collaboration between Exus and the CLAs ultimately resulted in a well-structured transaction that highlights the project's strong fundamentals. We believe this is the first of many successful transactions to come and look forward to growing our partnership."

Exus Renewables was represented by Norton Rose Fulbright lawyers, led by New York partner Doug Fried, who also represented the company in the portfolio acquisition in first-quarter 2024.

"TAG represents more than just a solar facility – it's a testament to our vision of building a sustainable energy future," Spencer added. "By combining solar generation with battery storage, we're creating a more resilient and efficient power grid for New Mexico."

About Exus Renewables North America
Exus Renewables North America is a leading independent developer and operator of utility-scale renewable energy projects. With offices in Pittsburgh, New York, and Albuquerque, and over 80 employees in North America, Exus focuses on developing, repowering, and managing renewable energy assets.

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SOURCE Exus Renewables North America