rPlus Energies

Overview

Deal Type Debt Capital Markets
Size $1.1 Billion
Senior Secured Credit Facilities
Client & Transactional Partners rPlus Energies
Green River Energy Center
Our Role Coordinating Lead Arranger
Joint Bookrunner
Collateral Agent
Depositary Agent

Summary

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 MWAC 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 is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

Recent Deals

July 2026

us fertility

$1.068 Billion

Senior Secured Credit Facilities

Joint Lead Arranger
Joint Bookrunner
Administrative Agent

us-fertility-senior-secured-credit
July 2026

Forgent Power Solutions, Inc.

$2.5 Billion

Follow-On Offering

Joint Bookrunner

forgent
June 2026

smileamericapartners

acquired by

kaltroco

Sell-Side Advisor

smile-america-partners-kaltroco
June 2026

California Resources Corporation

$550 Million

Senior Notes

Joint Bookrunner

california-resource
June 2026

nutrisense

acquired by

dexcom

Financial Advisor

nutrisense-dexcom
May 2026

vsp

$500 Million

5.4% Senior Notes Due 2033

$500 Million

5.65% Senior Notes Due 2036

Active Joint Bookrunner

vsp-issues-public-bonds
May 2026

seatgeek

$200 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

seatgeek
May 2026

Forgent Power Solutions, Inc.

$2.3 Billion

Follow-On Offering

Joint Bookrunner

forgent-power
May 2026

elevate infrastructure

a portfolio company of

arclight capital

$173.4 Million

Senior Secured Credit Facilities

Joint Lead Arranger
Administrative Agent
Collateral Agent
Depository Bank

elevate-infrastructure
May 2026

National Fuel Gas Company

$500 Million

Senior Notes due 2029

$500 Million

Senior Notes due 2031

$500 Million

Senior Notes due 2036

Co-Manager

national-fuel-gas
May 2026

spg

$24 Million

Term Loan, Delayed Draw Term Loan, Revolving Line of Credit, Equipment Finance Line

Sole Lender

shared-practices-group
May 2026

pbf energy

$500 Million

Senior Notes

Co-Manager

pbf-energy
May 2026

flatiron search partners

Line of Credit

Sole Lender

flatiron-search-partners
May 2026

harvest midstream

$1 Billion

Senior Notes

Joint Bookrunner

harvest-midstream
May 2026

tokkion

acquired by

siris

Senior Secured Credit Facilities

takkion-group
May 2026

delek

$800 Million

Senior Notes

Co-Manager

delek-logistics-partners
May 2026

virtus

$200 Million

Senior Secured Credit Facilities

Joint Lead Arranger
Administrative Agent

virtus-real-estate-enhanced
April 2026

diversified energy company

$1.5 Billion

Senior Secured Credit Facility

Administrative Agent
Coordinating Lead Arranger
Sole Bookrunner
Joint Lead Arranger

diversified-energy
April 2026

the queen senior

The Queen Senior

Construction Loan

queen-senior
April 2026

the meadow on seneca

The Meadow on Seneca

$14.8 Million

Construction Loan

meadow-on-seneca
April 2026

yesway

$322 Million

Initial Public Offering

Joint Bookrunner

yesway
April 2026

lakeview at westpark

Lakeview at Westpark

$54 Million

FHA (Fixed-Rate Loan)

lakeview-at-westpark
April 2026

redding rancheria

$80 Million

Senior Secured Credit Facilities

Structuring Agent
Sole Lender

redding-rancheria
April 2026

caturus

$600 Million

Senior Notes

Joint Bookrunner

caturus-energy
April 2026

moosilauke vision

$30 Million

Term Loan & Revolving Line of Credit

Hedge Provider
Treasury Services

moosilauke-visions
March 2026

bcdsk

affiliated with

highmark

Financial Advisor

blue-cross-blue-shield-kansas-city
March 2026

wallkill living center

Wallkill Living Center

Equity Bridge Loan and LIHTC Equity

wallkill-living-center
March 2026

palm villas in red bluff

Palm Villas in Red Bluff

$32.7 Million

Construction Loan, Permanent Loan, and KCBM Swap Contract

palm-villas-red-bluff
March 2026

forgent

$1 Billion

Follow-On Offering

Joint Bookrunner

forgent-power-solutions
March 2026

modbox storage - piedmont

ModBox Storage - Piedmont

$7.1 Million

CMBS Fixed-Rate Loan

modbox-storage-piedmont
March 2026

andesa

acquired by

terminus

Exclusive Buy-Side Advisor

terminus-capital-partners
March 2026

dme express

acquired by

palladium equity partners

Sell-Side Advisor

dme-express-acquired-by-palladium-equity-partners

Connect With Us

Find an Expert