US renewables infrastructure fund Excelsior Energy Capital has closed a $1.3bn financing package for its 683MW Faraday solar project under construction in the western state of Utah, which will supply power to a unit of investment tycoon Warren Buffett's energy empire and onwards to Facebook's owner.

Excelsior said the arrangement includes a $400m commitment of tax equity by US Bancorp Impact Finance through a solar production tax credit partnership.

A $460m loan, a $300m tax equity bridge loan, and $250m in ancillary facilities were financed with MUFG and Nord/LB acting as coordinating lead arrangers.

“This transaction demonstrates Excelsior’s continued commitment to acquiring superior quality projects from our partners in the renewable energy sector,” said Jason Frooshani, head of mergers and acquisitions at Excelsior.

Excelsior earlier this year acquired Faraday. Plans call for commercial operation in the third quarter of 2025.

The project has a 20-year offtake contract for its full capacity with PacifiCorp, the largest electric grid operator in the western US, owned by Buffett’s Berkshire Hathaway conglomerate. The utility will allocate the power to Facebook parent Meta, supporting the social networking giant’s 100% renewable energy and net-zero commitments.

Faraday is the largest single investment made by Excelsior's Renewable Energy Investment Fund, its first. The $504m Fund 1 focused on investments in late-stage “middle market” solar, wind, and battery storage projects.

When online, Faraday will be the largest solar project in Utah, which is one of seven states with the greatest solar resource. The others are Arizona, California, Colorado, Nevada, New Mexico, and Texas.

On 30 June, Utah had 2.93GW of installed solar generating capacity, 13th among states, according to Solar Energy Industries Association, a national trade group.