Exus Renewables North America Lands $312 Million Funding for New Mexico Solar and Storage Venture

Exus Renewables North America has successfully secured $312 million in financing for its TAG project, a major renewable energy initiative in Sandoval County, New Mexico. The TAG project combines a 140-megawatt solar power plant with a 50-megawatt/200-megawatt-hour battery storage system, making it a cutting-edge energy solution. This funding comes from prominent financial institutions, including Crédit Agricole Corporate and Investment Bank and ING Americas, who have provided development and term loans. Additionally, Exus has made a significant equity contribution to the project.

A Milestone in Green Energy Development

"The remarkable financial backing of the TAG venture signals a crucial episode in Exus' escalating growth and our enduring dedication towards spearheading America's green energy era," articulated Jim Spencer, the President, and Chief Executive Officer of Exus Renewables North America. "This financial architecture exhibits our prowess to instigate revolutionary, utility-level projects that amalgamate frontier technology with pragmatic energy resolutions."

The enterprise infuses solar technology with Tesla's Megapack battery storage mechanisms spanning across 1,000 acres, representing Exus' oath to create adaptive renewable energy resources to boost grid dependability. Targeted for attainment by the second quarter of 2025, the TAG initiative's energy output will propel Meta's data centre. In its current phase, the venture is providing more than 250 interim construction jobs and is anticipated to offer full-time operations and maintenance employment once finalized. Additionally, it is projected to inject over $17 million into Sandoval County and local academic districts in the following three decades.

Job Creation and Economic Impact

The TAG project is already creating over 250 temporary construction jobs and is expected to generate full-time operations and maintenance positions once the project is completed. The initiative is also expected to contribute more than $17 million to Sandoval County and local school districts over the next three decades, boosting local economic development.

Exus Renewables’ commitment to integrating renewable energy into local communities aligns with its broader mission to promote decarbonization efforts nationwide. The TAG project is part of Exus’ growing portfolio in the Southwest, building on its recent acquisition of New Mexico Renewable Development LLC, a move that solidifies Exus’ position as a leading renewable energy developer in the region.

A Strong Partnership for Sustainable Energy

"We extend our warm congratulations to Exus Renewables North America on their inaugural landmark green finance, set to offer eco-friendly energy through a utility-scale solar and battery storage solutions collaboration," professed Evan Levy, Managing Director, Energy & Infrastructure Group, Crédit Agricole CIB. "Crédit Agricole CIB is thrilled to take center stage in their triumph."

"ING is delighted to have served as a Coordinating Lead Arranger (CLA) in the TAG transaction and to uplift Exus Renewables North America's expansion strategy across the U.S.," said Filipe Barreto, Director, Energy - Renewables & Power, ING Capital LLC. "The cooperation between Exus and the CLAs led to a well-structured deal that underscores the project's solid underlying principles. We believe this is the beginning of a series of fruitful transactions and anticipate widening our collaboration."

Exus Renewables' legal angle was represented by Norton Rose Fulbright attorneys, guided by New York partner Doug Fried, who also represented the firm in its portfolio acquisition in the first quarter of 2024.

"TAG extends beyond being a simple solar establishment. It serves as a tribute to our dream of establishing a sustainable energy future," Spencer furthered. "By merging solar power generation with battery storage, we are laying the foundation for a more robust and efficient power grid for New Mexico's benefit."