Financing to support construction of two of Greenbacker\u2019s largest solar farms
\n\n\n\nNew York, NY, September 15, 2022 — Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d or \u201cGreenbacker\u201d), a leading green energy investment manager and independent power producer, has entered into a senior credit agreement of $186.2 million with KeyBank N.A. and Fifth Third Bank. KeyBank served as administrative agent for the lenders, and KeyBanc Capital Markets and Fifth Third Bank, National Association served as joint lead arrangers.
\n\n\n\nThe transaction is one of Greenbacker\u2019s largest standalone debt financings to date, providing a construction loan facility to build two of the biggest solar projects in company history.
\n\n\n\nThe MTSun and Fall River solar farms\u2014which make up GREC\u2019s Ponderosa portfolio\u2014are each 80 MWac, and rank among the company\u2019s five largest clean energy projects. Both assets have long-term power purchase agreements in place with local investment-grade utilities, MTSun with Northwestern Energy and Fall River with Black Hills Power, Inc., supporting Greenbacker\u2019s strategy of owning renewable energy assets with reliable long-term revenue.
\n\n\n\n\n\n\n\n\n\n\n\n“We’re thrilled to partner with KeyBank and Fifth Third Bank on this senior credit agreement to build projects that will drive a clean energy future in a very real way,\u201d said Spencer Mash, CFO of GREC. \u201cOnce complete, they\u2019ll deliver cheaper renewable energy to tens of thousands of households across Montana and South Dakota.\u201d
The annual solar energy produced by the pair of utility-scale projects is expected to power over 34,000 homes across the two states, while offsetting over 260,000 metric tons of carbon emissions.1
\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe Ponderosa transaction illustrates our ongoing commitment to grow the renewable energy industry by deploying capital in high-quality assets,\u201d said, Gregory Berman, Director, Utilities Power & Renewables at KeyBanc Capital Markets. \u201cThis represents our seventh financing with Greenbacker, and we look forward to supporting their continued growth as a leader in the energy transition.\u201d
The two assets are located in Yellowstone County, MT and Fall River County, SD, respectively, where they will be among the largest solar energy facilities in their states.
\n\n\n\n\n\n\n\n\n\n\n\n\u201cFifth Third Bank\u2019s commitment to financing renewable energy technologies is well-known and steadfast,\u201d said Kyle Kuhn, Renewable Energy Executive Director, Fifth Third Bank. \u201cWe are pleased to be a part of this milestone transaction with Greenbacker that will support the clean energy transition.\u201d
Greenbacker was advised on the deal by Sheppard, Mullin, Richter & Hampton; Winston & Strawn represented the lenders.
\n\n\n\n1 EPA Greenhouse Gas Equivalencies Calculator.
\nThe post Greenbacker secures $186 million credit agreement with KeyBank and Fifth Third Bank appeared first on Greenbacker Capital.
\n", "content_text": "Financing to support construction of two of Greenbacker\u2019s largest solar farms\n\n\n\nNew York, NY, September 15, 2022 — Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d or \u201cGreenbacker\u201d), a leading green energy investment manager and independent power producer, has entered into a senior credit agreement of $186.2 million with KeyBank N.A. and Fifth Third Bank. KeyBank served as administrative agent for the lenders, and KeyBanc Capital Markets and Fifth Third Bank, National Association served as joint lead arrangers.\n\n\n\nThe transaction is one of Greenbacker\u2019s largest standalone debt financings to date, providing a construction loan facility to build two of the biggest solar projects in company history.\n\n\n\nThe MTSun and Fall River solar farms\u2014which make up GREC\u2019s Ponderosa portfolio\u2014are each 80 MWac, and rank among the company\u2019s five largest clean energy projects. Both assets have long-term power purchase agreements in place with local investment-grade utilities, MTSun with Northwestern Energy and Fall River with Black Hills Power, Inc., supporting Greenbacker\u2019s strategy of owning renewable energy assets with reliable long-term revenue.\n\n\n\n\n\n\n\n“We’re thrilled to partner with KeyBank and Fifth Third Bank on this senior credit agreement to build projects that will drive a clean energy future in a very real way,\u201d said Spencer Mash, CFO of GREC. \u201cOnce complete, they\u2019ll deliver cheaper renewable energy to tens of thousands of households across Montana and South Dakota.\u201d\n\n\n\nThe annual solar energy produced by the pair of utility-scale projects is expected to power over 34,000 homes across the two states, while offsetting over 260,000 metric tons of carbon emissions.1\n\n\n\n\n\n\n\n\u201cThe Ponderosa transaction illustrates our ongoing commitment to grow the renewable energy industry by deploying capital in high-quality assets,\u201d said, Gregory Berman, Director, Utilities Power & Renewables at KeyBanc Capital Markets. \u201cThis represents our seventh financing with Greenbacker, and we look forward to supporting their continued growth as a leader in the energy transition.\u201d\n\n\n\nThe two assets are located in Yellowstone County, MT and Fall River County, SD, respectively, where they will be among the largest solar energy facilities in their states.\n\n\n\n\n\n\n\n\u201cFifth Third Bank\u2019s commitment to financing renewable energy technologies is well-known and steadfast,\u201d said Kyle Kuhn, Renewable Energy Executive Director, Fifth Third Bank. \u201cWe are pleased to be a part of this milestone transaction with Greenbacker that will support the clean energy transition.\u201d\n\n\n\nGreenbacker was advised on the deal by Sheppard, Mullin, Richter & Hampton; Winston & Strawn represented the lenders.\n\n\n\n\n\n\n\n1 EPA Greenhouse Gas Equivalencies Calculator.\nThe post Greenbacker secures $186 million credit agreement with KeyBank and Fifth Third Bank appeared first on Greenbacker Capital.", "date_published": "2022-09-15T01:03:32+00:00", "date_modified": "2022-09-16T14:19:22+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2022/09/LawrenceBrook_091121-184-HDR-scaled-e1663337953128.jpg", "tags": [ "Montana", "South Dakota", "GREC", "Press" ], "summary": "Greenbacker has entered into a senior credit agreement with KeyBank N.A. and Fifth Third Bank. The transaction is one of Greenbacker\u2019s largest standalone debt financings to date, providing a construction loan facility to build two of the biggest solar projects in company history." }, { "id": "https://greenbackercapital.com/?p=2313", "url": "https://greenbackercapital.com/2021/05/greenbacker-renewable-energy-company-llc-acquires-solar-project-totaling-80-mwac/", "title": "Greenbacker Renewable Energy Company LLC acquires solar project totaling 80 MWac", "content_html": "\nPortfolio expands solar footprint in Montana
\n\n\n\nNew York, NY, May 5, 2021 — Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d) announced today that, through a wholly-owned subsidiary, it purchased an 80 MWac pre-operational solar project from Broad Reach Power (\u201cBRP\u201d).
\n\n\n\nThe project, MTSun Solar LLC, is currently under development in Yellowstone County, Montana, with an expected commercial operation date of July 2022. It has a long-term Power Purchase Agreement (\u201cPPA\u201d) in place with the investment-grade utility Northwestern Energy, enabling GREC to continue developing its strong relationship with a high-quality offtaker.
\n\n\n\nThis transaction is the second between GREC and BRP, following the former\u2019s purchase of the 80 MW Fall River solar project in South Dakota late last year. It is also GREC\u2019s second solar project in Montana.
\n\n\n\n\u201cWe\u2019re thrilled that our continued relationship with Broad Reach Power has allowed our fleet of renewable energy projects to exceed one gigawatt of power generation capacity,\u201d said Charles Wheeler, CEO of Greenbacker. \u201cThe fact that this milestone coincides with Greenbacker Capital Management celebrating 10 years of sustainable infrastructure investing makes it all the more special.\u201d (Greenbacker Capital Management, founded in 2011, is an external investment advisor for GREC.)
\n\n\n\nThe achievement also comes shortly after the GREC portfolio\u2019s total enterprise value passed $1 billion for the first time and just in time for GREC\u2019s own five-year anniversary.
\n\n\n\n\u201cWe are confident in the future of the MTSun project in Greenbacker\u2019s hands. We\u2019ve enjoyed the continuation of our relationship with the GREC team and look forward to the positive impact the project will make in Montana,\u201d said James Ferguson, Senior Vice President of Development at Broad Reach Power.
\n\n\n\nMTSun was developed by Broad Reach Power, an independent power producer (IPP) based in Houston which owns a 16-gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas, and has a 25-year purchase power agreement signed with NorthWestern Energy.
\n\n\n\nWith the acquisition of MTSun Solar, Greenbacker will own approximately 1.04 GW of generating capacity (including assets that are to be constructed), comprising 773.5 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 15.5 MW of battery storage, and 12.0 MW of biomass facilities.
\nThe post Greenbacker Renewable Energy Company LLC acquires solar project totaling 80 MWac appeared first on Greenbacker Capital.
\n", "content_text": "Portfolio expands solar footprint in Montana\n\n\n\nNew York, NY, May 5, 2021 — Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d) announced today that, through a wholly-owned subsidiary, it purchased an 80 MWac pre-operational solar project from Broad Reach Power (\u201cBRP\u201d).\n\n\n\nThe project, MTSun Solar LLC, is currently under development in Yellowstone County, Montana, with an expected commercial operation date of July 2022. It has a long-term Power Purchase Agreement (\u201cPPA\u201d) in place with the investment-grade utility Northwestern Energy, enabling GREC to continue developing its strong relationship with a high-quality offtaker.\n\n\n\nThis transaction is the second between GREC and BRP, following the former\u2019s purchase of the 80 MW Fall River solar project in South Dakota late last year. It is also GREC\u2019s second solar project in Montana.\n\n\n\n\u201cWe\u2019re thrilled that our continued relationship with Broad Reach Power has allowed our fleet of renewable energy projects to exceed one gigawatt of power generation capacity,\u201d said Charles Wheeler, CEO of Greenbacker. \u201cThe fact that this milestone coincides with Greenbacker Capital Management celebrating 10 years of sustainable infrastructure investing makes it all the more special.\u201d (Greenbacker Capital Management, founded in 2011, is an external investment advisor for GREC.)\n\n\n\nThe achievement also comes shortly after the GREC portfolio\u2019s total enterprise value passed $1 billion for the first time and just in time for GREC\u2019s own five-year anniversary.\n\n\n\n\u201cWe are confident in the future of the MTSun project in Greenbacker\u2019s hands. We\u2019ve enjoyed the continuation of our relationship with the GREC team and look forward to the positive impact the project will make in Montana,\u201d said James Ferguson, Senior Vice President of Development at Broad Reach Power.\n\n\n\nMTSun was developed by Broad Reach Power, an independent power producer (IPP) based in Houston which owns a 16-gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas, and has a 25-year purchase power agreement signed with NorthWestern Energy.\n\n\n\nWith the acquisition of MTSun Solar, Greenbacker will own approximately 1.04 GW of generating capacity (including assets that are to be constructed), comprising 773.5 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 15.5 MW of battery storage, and 12.0 MW of biomass facilities.\nThe post Greenbacker Renewable Energy Company LLC acquires solar project totaling 80 MWac appeared first on Greenbacker Capital.", "date_published": "2021-05-05T18:44:00+00:00", "date_modified": "2022-02-03T21:59:06+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "tags": [ "Montana", "GREC", "Press" ], "summary": "Portfolio expands solar footprint in Montana with to-be-constructed project." } ] }