Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading climate-focused investment manager and independent power producer, announced today that it has closed on a new warehouse financing facility in an initial aggregate principal amount of $75 million, with the potential to increase up to $250 million. Greenbacker will use the proceeds of the facility to support the construction and operation of its renewable power generation and energy storage portfolios.
Wells Fargo serves as sole lead arranger, bookrunner, sustainability structuring agent, and administrative agent for the facility. Wilmington Trust, National Association serves as the collateral agent.
Along with substantial borrowing capacity, the three-year revolving credit facility provides enhanced flexibility for Greenbacker’s sustainability investments. The facility is structured to provide commitments to extend revolving loans for eligible projects in an aggregate amount not to exceed $75 million, which may be increased to an aggregate amount of up to $250 million, and includes an up to $50 million sublimit for issuances of letters of credit. Greenbacker is currently in market to upsize the facility through incremental commitments from other key lending relationships.
Greenbacker will deploy borrowings from the warehouse facility into investments across its solar, solar-plus-storage, and standalone energy storage portfolios, expanding its ability to generate and deliver cheaper clean energy to consumers, communities, and corporations around the country. Today, Greenbacker’s clean energy fleet encompasses 457 assets1 of clean power production capacity and storage in 32 states, Canada, Puerto Rico, and Washington, DC.
Greenbacker’s fleet of clean energy projects comprises nearly 3.4 gigawatts of generating and storage capacity, in service of the company’s mission to empower a sustainable world. Since 2016, Greenbacker’s real assets have produced over 7.4 million megawatt-hours2 of clean energy, abating more than 5.3 million metric tons of carbon.3 Today these projects support over 6,000 green jobs.
(This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.globenewswire.com/en/news-release/2023/08/17/2727614/0/en/Greenbacker-secures-75-million-in-warehouse-facility-financing.html)