PRESS RELEASE UPDATED: MAY 27, 2021 11:06 EDT
Rapidly Growing U.S. Solar and Storage Platform to Build, Own, and Operate Long Term
SB Energy, SoftBank Group Corp’s U.S.-based solar and storage platform, today announced the close of financing for the construction of two additional utility-scale projects, Athos I and Athos II, in Southern California. With today’s announcement, over the past 12 months, SB Energy has completed development, reached financial close, and begun construction on five utility-scale solar projects totaling 1.7 gigawatts (GWp). The five projects in California and Texas, along with a strong pipeline of innovative projects, establish SB Energy as a leading solar and storage platform in the U.S.
“We are excited by the rapid growth of SB Energy’s U.S. platform and furthering of Softbank Group’s commitment to building the renewable energy future,” said Marcelo Claure, CEO of SoftBank Group International and chairman of SB Energy. “SB Energy’s achievements over the past 12 months, including rapid adoption of new technologies, strong execution by our team, and the creation of over 10,000 jobs in the U.S., emphasize the significance of our mission. We are encouraged by our early success in the U.S. and look forward to seeing the completion of these projects and the other projects in the pipeline as we solidify our position as the leader in solar and storage U.S.”
The five milestone projects will provide over 1GWp in Texas from Juno, Titan, and Aragorn, with an additional 650 megawatts (MWp) in California from Athos I and Athos II. By the end of 2021, SB Energy will commission 1.3GWp of the 1.7GWp. At this time, the first projects have begun to provide local communities with clean energy. Each of the projects is designed with optimized asset management systems and innovations in digital intelligence to maximize power and integration with the grid.
Abhijeet Sathe, co-CEO of SB Energy, said, “We are proud to supply renewable energy in California and Texas – and we are just getting started. By incorporating new technologies, such as drone-based monitoring, time-saving construction techniques, and AI/Machine Learning software to optimize production, SB Energy is able to rapidly provide clean energy at lower cost and greater reliability to our partners and communities at scale.”
SB Energy’s 1.7GWp portfolio supports more than 3,000 jobs during construction, contributing to the over 10,000 direct and indirect jobs created by SB Energy. These jobs are helping to ultimately power over 330,000 American homes with renewable energy.
Rich Hossfeld, co-CEO of SB Energy said, “In addition to the 1.7GWp of solar projects we have executed across California and Texas, SB Energy has also developed a multi-GW solar and storage pipeline, with plans to initiate construction on an additional 1.5GWp of solar and storage projects within the next 12 months. We are pleased by our track record and are confident that we will meet the milestones ahead.”
Over the past two years, SB Energy has built a world class team of industry veterans who position the company to rapidly scale while identifying and deploying innovative technologies. With a pipeline of large solar and storage projects and strong partnerships, SB Energy looks to unlock efficiencies across development, engineering, financing, procurement, and operations.
The five projects have been supported by major tax equity investors, including J.P. Morgan, Bank of America, and Barclays. MUFG, BayernLB, Citibank, CoBank, ING Capital, KeyBanc, Rabobank, Santander, Societe Generale, and Sumitomo Mitsui Banking Corporation provided construction financing, with KKR’s Global Atlantic Financial Group and Prosperity Life providing term debt financing across the portfolio. SB Energy also partnered with Deutsche Bank, Ares, CIT, East West Bank, Santander and Voya Investment Management on development financing for these projects.
ABOUT SB ENERGY
SB Energy, a wholly owned subsidiary of SoftBank Group Corp., is a leading utility scale solar, energy storage, and technology platform. We develop, construct, and own and operate some of the largest and most technically advanced renewable projects across the United States. SB Energy’s mission is to provide flexible renewable energy at scale, accelerating the global energy transition and benefiting our planet, customers, communities, and people.