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=2306", "url": "https://greenbackercapital.com/2021/06/greenbacker-renewable-energy-company-acquires-new-solar-portfolio-in-south-dakota/", "title": "Greenbacker acquires new solar portfolio in South Dakota", "content_html": "\nCompany expands its Midwest footprint with a pair of to-be-constructed assets in the Mount Rushmore State
\n\n\n\nNew York, NY, June 8, 2021 — Greenbacker Renewable Energy Company LLC (GREC), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it purchased the 20-MWac West River portfolio of pre-operational solar projects from Energy of Utah.
\n\n\n\nThe projects, West River Solar and West River Solar II, have a long-term Power Purchase Agreement (PPA) with investment-grade utility Basin Electric Power.
\n\n\n\nBoth projects are located in Pennington County, SD, approximately one hour from Fall River Solar, an 80-MWac solar project GREC purchased near the end of 2020 from the same developer. The West River portfolio is expected to reach Commercial Operations in December 2022.
\n\n\n\n\u201cWe\u2019re very excited to expand consumer access to cleaner, cheaper energy in South Dakota,\u201d said Charles Wheeler, CEO of GREC. \u201cWe\u2019re also pleased to be building our relationship with Energy of Utah, the original developer of the Fall River asset we acquired last year. We look forward to partnering with them on additional sustainable infrastructure projects in the future.\u201d
\n\n\n\nWith the acquisition of these projects, Greenbacker will own approximately 1.12 GW of generating capacity (including assets that are to be constructed), comprising 853.6 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.
\nThe post Greenbacker acquires new solar portfolio in South Dakota appeared first on Greenbacker Capital.
\n", "content_text": "Company expands its Midwest footprint with a pair of to-be-constructed assets in the Mount Rushmore State\n\n\n\nNew York, NY, June 8, 2021 — Greenbacker Renewable Energy Company LLC (GREC), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced today that, through a wholly owned subsidiary, it purchased the 20-MWac West River portfolio of pre-operational solar projects from Energy of Utah.\n\n\n\nThe projects, West River Solar and West River Solar II, have a long-term Power Purchase Agreement (PPA) with investment-grade utility Basin Electric Power.\n\n\n\nBoth projects are located in Pennington County, SD, approximately one hour from Fall River Solar, an 80-MWac solar project GREC purchased near the end of 2020 from the same developer. The West River portfolio is expected to reach Commercial Operations in December 2022.\n\n\n\n\u201cWe\u2019re very excited to expand consumer access to cleaner, cheaper energy in South Dakota,\u201d said Charles Wheeler, CEO of GREC. \u201cWe\u2019re also pleased to be building our relationship with Energy of Utah, the original developer of the Fall River asset we acquired last year. We look forward to partnering with them on additional sustainable infrastructure projects in the future.\u201d\n\n\n\nWith the acquisition of these projects, Greenbacker will own approximately 1.12 GW of generating capacity (including assets that are to be constructed), comprising 853.6 MW of utility-scale and distributed solar facilities, 242.6 MW of wind facilities, 16.0 MW of battery storage, and 12.0 MW of biomass facilities.\nThe post Greenbacker acquires new solar portfolio in South Dakota appeared first on Greenbacker Capital.", "date_published": "2021-06-08T18:31:00+00:00", "date_modified": "2022-02-03T21:57:59+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": [ "South Dakota", "GREC", "Press" ], "summary": "Company expands its Midwest footprint with a pair of to-be-constructed assets in the Mount Rushmore State" }, { "id": "https://greenbackercapital.com/?p=1318", "url": "https://greenbackercapital.com/2020/11/greenbacker-renewable-energy-company-llc-acquires-solar-portfolio-totaling-80-mw/", "title": "Greenbacker Renewable Energy Company LLC Acquires Solar Project Totaling 80 MW", "content_html": "\nGreenbacker Renewable Energy Company LLC (\u201cGREC\u201d) announced today that, through a wholly-owned subsidiary, it purchased a to-be-constructed 80 MW solar project from Broad Reach Power LLC. The project, Fall River Solar, is located in Fall River County, South Dakota and has a 20-year Power Purchase Agreement (\u201cPPA\u201d) in place with the investment-grade utility Black Hills Power, Inc. (\u201cBHP\u201d). Greenbacker will oversee the construction which is expected to reach COD in Q4 2022.
\n\n\n\n\u201cWe\u2019re excited to have worked with Broad Reach Power on our largest solar project to date.\u201d said Charles Wheeler, CEO of Greenbacker. \u201cExpanding our solar portfolio in South Dakota will provide a clean energy option and a source for local employment in the state. We see tremendous potential in large scale pipeline investments such as Fall River Solar for both the people of South Dakota and our shareholders.\u201d
\n\n\n\n\u201cWe also enjoyed our collaboration with the Greenbacker team and look forward to seeing this project continue to advance,\u201d added Broad Reach Power Managing Partner and Chief Executive Officer Steve Vavrik.
\n\n\n\nWith the acquisition of Fall River Solar, Greenbacker will own approximately 753.5 MW of generating capacity (including assets that are to be constructed), comprising 529.8MW of utility-scale and distributed solar facilities, 192.6MW of wind facilities, 19.1 MW of battery storage, and 12.0MW of biomass facilities.
\n\n\n\nAbout Greenbacker Renewable Energy Company
\n\n\n\nGreenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.
\n\n\n\nAbout Broad Reach Power
\n\n\n\nBroad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners, and Mercuria Energy. The company owns a five gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind, and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com.
\n\n\n\nForward-Looking Statements
\n\n\n\nThis press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
\nThe post Greenbacker Renewable Energy Company LLC Acquires Solar Project Totaling 80 MW appeared first on Greenbacker Capital.
\n", "content_text": "Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d) announced today that, through a wholly-owned subsidiary, it purchased a to-be-constructed 80 MW solar project from Broad Reach Power LLC. The project, Fall River Solar, is located in Fall River County, South Dakota and has a 20-year Power Purchase Agreement (\u201cPPA\u201d) in place with the investment-grade utility Black Hills Power, Inc. (\u201cBHP\u201d). Greenbacker will oversee the construction which is expected to reach COD in Q4 2022.\n\n\n\n\u201cWe\u2019re excited to have worked with Broad Reach Power on our largest solar project to date.\u201d said Charles Wheeler, CEO of Greenbacker. \u201cExpanding our solar portfolio in South Dakota will provide a clean energy option and a source for local employment in the state. We see tremendous potential in large scale pipeline investments such as Fall River Solar for both the people of South Dakota and our shareholders.\u201d\n\n\n\n\u201cWe also enjoyed our collaboration with the Greenbacker team and look forward to seeing this project continue to advance,\u201d added Broad Reach Power Managing Partner and Chief Executive Officer Steve Vavrik.\n\n\n\nWith the acquisition of Fall River Solar, Greenbacker will own approximately 753.5 MW of generating capacity (including assets that are to be constructed), comprising 529.8MW of utility-scale and distributed solar facilities, 192.6MW of wind facilities, 19.1 MW of battery storage, and 12.0MW of biomass facilities.\n\n\n\n\n\n\n\nAbout Greenbacker Renewable Energy Company\n\n\n\nGreenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.\n\n\n\nAbout Broad Reach Power\n\n\n\nBroad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners, and Mercuria Energy. The company owns a five gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind, and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com. \n\n\n\nForward-Looking Statements\n\n\n\nThis press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.\nThe post Greenbacker Renewable Energy Company LLC Acquires Solar Project Totaling 80 MW appeared first on Greenbacker Capital.", "date_published": "2020-11-16T02:08:00+00:00", "date_modified": "2022-08-12T16:54:50+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": [ "South Dakota", "GREC", "Press", "Solar" ] } ] }