BOISE, Idaho — Renewable energy developer rPlus Energies has closed on US$100 million in tax equity financing to move forward with its 125-megawatt Pleasant Valley Solar 2 project in Ada County. The financing package, secured with Truist Bank, will fund construction of the large-scale PV facility, which broke ground earlier this year.
The project is being built by Sundt Construction, acting as the engineering, procurement and construction (EPC) contractor, with rPlus managing development and project delivery. Pleasant Valley Solar 2 is slated to begin commercial operations in 2026.
Pleasant Valley Solar 2 follows the developer’s earlier success with the 261MW Pleasant Valley Solar project, which came online in April 2025. Both projects have long-term power purchase agreements (PPAs) with Idaho Power and Meta, the tech giant behind Facebook and Instagram. The clean energy will help power Meta’s fast-growing data center operations in Kuna, Idaho, underscoring the increasing role of renewable energy in supporting the data-driven economy.
The partnership highlights a broader trend in the U.S. energy sector: as more hyperscale data centers come online, particularly in the Mountain West, companies like Meta are pushing utilities to expand renewable generation capacity.
This latest deal also contributes to a surge of tax equity activity for rPlus Energies in 2025. The company has now secured over US$600 million in commitments this year alone, including more than US$500 million in tax equity financing for the 400MW Green River Energy Center in Utah. That project, currently under construction, includes a 1,600MWh battery energy storage system (BESS) and is expected to come online in 2026.
The financing model reflects how renewable developers increasingly rely on tax equity structures to attract institutional investors while leveraging federal incentives. Truist’s involvement also signals growing mainstream banking support for utility-scale clean energy projects.
Located in Ada County, Pleasant Valley Solar 2 will play a pivotal role in strengthening Idaho’s renewable energy portfolio. The project adds significant solar generation to Idaho Power’s resource mix and supports the utility’s long-term clean energy goals.
For Meta, these projects are critical to meeting its corporate sustainability commitments. The company has pledged to power all of its global operations with 100% renewable energy and achieve net zero emissions across its value chain.
By securing financing and pushing forward with multiple projects in Idaho and Utah, rPlus Energies is positioning itself as a leading force in the Western U.S. renewable energy market. With Pleasant Valley Solar 2 on track for 2026 completion, the company will add another major project to its growing portfolio of solar and storage developments aimed at powering communities, utilities, and global tech leaders alike.
Originally reported by Jonathan Tourino Jacobo in PV TECH.
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