Exus Renewables Secures $312 Million Financing for 140 MW Solar and Battery Storage Project in New Mexico

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

“This financing represents a pivotal moment in Exus’ growth and our ongoing commitment to advancing America’s clean energy future,” said Jim Spencer, president and CEO of Exus Renewables North America. “The structure of this deal highlights our ability to deliver innovative, utility-scale projects that merge cutting-edge technology with practical energy solutions.”

The TAG project will integrate solar technology with Tesla Megapack battery storage systems across 1,000 acres. Scheduled for completion in the second quarter of 2025, the facility will provide energy to a Meta data center. In addition to its environmental impact, the project will create more than 250 temporary construction jobs and offer full-time operations and maintenance positions once completed. Over the next 30 years, it will contribute more than $17 million to Sandoval County and local school districts.

The financing comes after Exus Renewables North America’s acquisition of New Mexico Renewable Development LLC’s portfolio, strengthening its position as a key player in the renewable energy space in the Southwest. The TAG project demonstrates Exus’ strategy of developing renewable energy solutions that support local communities and align with national decarbonization goals.

“We congratulate Exus Renewables North America on this landmark renewable financing, which combines solar generation with battery storage solutions to provide green energy,” said Evan Levy, Managing Director of Energy & Infrastructure Group at Crédit Agricole CIB. “We are pleased to play a leading role in their success.”

Filipe Barreto, Director at ING Capital LLC, added, “ING is proud to have acted as a Coordinating Lead Arranger on this deal and to support Exus in its U.S. growth strategy. This transaction is a strong example of the project’s fundamentals, and we look forward to further collaboration.”

Exus Renewables was represented by Norton Rose Fulbright, led by New York partner Doug Fried, who also represented the company in the portfolio acquisition earlier this year.

Spencer concluded, “The TAG project represents more than just a solar facility – it embodies our vision of building a sustainable energy future. By combining solar generation with battery storage, we’re enhancing the resilience and efficiency of New Mexico’s power grid.”