Excelsior Energy Capital Brings Faraday Solar Project Online in Utah, Marking a Major Step Forward in U.S. Clean Energy Growth
Excelsior Energy Capital (“Excelsior”), a leading independent clean energy investment firm in North America, has officially announced the commencement of commercial operations for the Faraday Solar Project, a massive 685.3 MWDC / 525 MWAC utility-scale solar facility located in Utah County, Utah. The project reached operational readiness and began supplying clean electricity to the grid on September 30, 2025, positioning it as one of the most significant renewable energy projects in the United States to date.
A Landmark for Utility-Scale Solar in the U.S.
Faraday Solar represents a new benchmark in large-scale renewable development. The project’s impressive capacity makes it a cornerstone in the expansion of clean energy infrastructure in the western United States. It stands as a symbol of the accelerating shift toward low-carbon power generation—an essential step in addressing both national energy security and climate resilience.
The project is supported by a 20-year power purchase agreement (PPA) with PacifiCorp, operating under Rocky Mountain Power’s Schedule 34 green energy tariff. This program enables large commercial and industrial customers to directly procure renewable power from specific clean energy projects, providing transparency and traceability for corporate sustainability goals.
Under the agreement, Meta (formerly Facebook) will purchase the energy and all associated environmental attributes generated by the Faraday Solar facility. This clean energy procurement will help offset Meta’s electricity use in Utah and contribute to the company’s broader objective of powering its global operations with 100% renewable energy.
Strengthening Regional Energy Reliability and Sustainability
The long-term PPA provides financial certainty for the Faraday Solar Project while ensuring that PacifiCorp can continue to deliver reliable, affordable, and sustainable energy to its customers. This partnership underscores a broader industry trend: the growing collaboration between major corporations and renewable energy investors to drive decarbonization through direct power agreements.
Excelsior acquired the project in 2023 from its original developers, Parasol and Clenera, both of whom laid the initial groundwork for site development and permitting. Following the acquisition, Excelsior leveraged its deep industry relationships, financial expertise, and construction management capabilities to advance the project through financing, procurement, and completion phases.
Executive Perspectives on the Milestone
“Successful delivery of this landmark project reaffirms Excelsior’s commitment to enabling others to reach their clean energy goals and support a clean and reliable grid,” said Chris Frantz, Partner and Head of Portfolio Operations at Excelsior Energy Capital. “Solar energy continues to demonstrate its resilience and strategic importance, and projects such as Faraday Solar can not only deliver attractive returns but also enhance energy security and independence in a volatile global landscape.”
Frantz’s statement captures the essence of the project’s dual value—environmental impact and economic performance. As volatility continues to shape global energy markets, large-scale renewable projects like Faraday Solar are emerging as stabilizing assets that provide both sustainable and predictable returns.
Engineering Scale and Execution Excellence
Construction of Faraday Solar involved an immense technical and logistical effort. The project features approximately 1.2 million solar panels, covering a footprint roughly equivalent to New York City’s Central Park. Despite its vast scale, the construction was completed in under two years, a testament to the project’s precise execution and the strength of its partnerships.
“The successful completion of Faraday Solar marks a defining achievement for Excelsior’s construction and operations teams,” said Dan Bove, Senior Director of Construction Management and Project Execution at Excelsior Energy Capital. “Delivering a project of this scale and complexity reflects the strength of our partnerships and execution capabilities. We’re proud that Faraday Solar will serve as a model for large-scale clean energy delivery across North America.”
Bove also credited the key project partners, including Energy Project Solutions (EPS) and RES Group, both of whom played instrumental roles during construction and commissioning. Their technical expertise, coupled with Excelsior’s management oversight, ensured that the project met all performance, safety, and environmental standards.
Financial and Strategic Collaboration
The success of Faraday Solar was made possible through a sophisticated financing structure and a broad coalition of institutional partners. U.S. Bancorp Impact Finance provided tax equity financing, enabling Excelsior to maximize project economics while meeting stringent sustainability criteria.
The Coordinating Lead Arrangers for the project financing were MUFG and Nord/LB, with Deutsche Bank serving as Collateral Agent. Other Joint Lead Arrangers included DNB, Zions Bank, Sumitomo Mitsui Banking Corporation (SMBC), Société Générale, CIBC, Huntington Bank, and the National Bank of Canada. Additional financial support came from Sumitomo Mitsui Trust Bank, Associated Bank, and Comerica.
Akin Gump Strauss Hauer & Feld LLP served as legal counsel for Excelsior, guiding the firm through complex contractual, regulatory, and financing frameworks. The project also benefited from the continued support of Excelsior’s Limited Partners, notably the Development Bank of Japan and Industriens Pension, who participated in co-investment to strengthen the firm’s renewable energy portfolio.
Community Engagement and Future Outlook
To commemorate the successful commissioning of the Faraday Solar Project, Excelsior Energy Capital will host a ribbon-cutting ceremony on November 5, 2025, in Utah County. The event will bring together project partners, investors, local officials, and community members to celebrate this milestone in the state’s renewable energy transition.
Beyond its immediate operational value, the Faraday Solar Project is expected to provide significant long-term economic and environmental benefits to Utah. It will generate clean energy capable of powering hundreds of thousands of homes, reduce regional greenhouse gas emissions, and contribute to local job creation through ongoing operations and maintenance.
According to the International Energy Agency (IEA) and the World Economic Forum (WEF), solar photovoltaic (PV) capacity remains the fastest-growing source of renewable power globally. Excelsior’s completion of Faraday Solar reinforces the United States’ position as a leader in utility-scale solar investment and exemplifies how private capital can accelerate the clean energy transition.
A Model for Future Clean Energy Development
Excelsior Energy Capital’s work on the Faraday Solar Project demonstrates how strategic investment, effective partnerships, and disciplined project execution can deliver transformative outcomes in the renewable energy sector. As the firm continues to expand its clean energy portfolio across North America, projects like Faraday Solar set the standard for sustainable infrastructure development that aligns financial performance with environmental responsibility.
With Faraday Solar now online, Excelsior strengthens its reputation as a driving force in the transition to a low-carbon future, underscoring the vital role of private investment in achieving global decarbonization goals.
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