rPlus Energies Strengthens Renewable Push With $100 Million Tax Equity Backing From Truist Bank For Pleasant Valley Solar 2

rPlus Energies has announced the successful close of a tax equity financing commitment of approximately $100 million with Truist Bank to support the Pleasant Valley Solar 2 project in Ada County, Idaho. The 125-megawatt (MWac) solar facility represents an overall investment of more than $175 million in the state and will be the second rPlus Energies project supplying solar power to Idaho Power’s grid. It will also contribute to Meta’s renewable energy commitments tied to its data center located in Kuna, Idaho.

Construction of Pleasant Valley Solar 2 began earlier this year under the leadership of Sundt Construction, with rPlus Energies managing the project. The development is expected to generate around 200 jobs, create business opportunities for local suppliers, and provide long-term economic benefits to the region through a 3.5 percent solar energy tax levied on gross earnings. The financing transaction involved leading legal advisors on both sides. rPlus Energies was advised by Norton Rose Fulbright and Dorsey & Whitney LLP, while Truist Bank was represented by Akerman LLP and Parsons Behle & Latimer.

Luigi Resta, President and CEO of rPlus Energies, stated, “We appreciate the strong partnership and shared vision we’ve built with Truist. Pleasant Valley Solar 2 reflects our broader commitment to helping the U.S. meet rising energy demand, while strengthening local economies and supporting grid reliability.”

Chris Nygren, Head of Tax Equity Investments at Truist Bank, mentioned, “Truist is pleased to continue our efforts to support sustainable infrastructure and clean energy for the country, particularly at a time where demand for energy is increasing at levels not seen for decades. We are excited to partner with a great renewable energy developer like rPlus Energies on the Pleasant Valley Solar 2 project, which will provide both clean energy and economic development for the communities it supports.”

This agreement marks another important milestone for rPlus Energies, bringing its total tax equity financing commitments in 2025 to more than $600 million across multiple renewable energy projects. This includes over $500 million dedicated to its flagship 800 MWac Green River Energy Center, underscoring the company’s strong role in advancing large-scale clean energy development throughout the American West.