Greenbacker closes $150m senior credit facility
Greenbacker Renewable Energy Company has completed the closing of a new $150 million senior secured sustainability revolving credit facility.
The facility is Greenbacker's first funding structured as a sustainability loan, meaning it promotes projects that aim to have a positive impact on the environment and society.
Fifth Third Bank acted as the administrative agent, while KeyBanc Capital Markets, Fifth Third Bank and Wells Fargo worked as lead arrangers. Wells Fargo was the sustainability structuring agent.
Greenbacker will invest the money it borrows from the credit facility in projects that produce renewable energy, store it in batteries, improve energy efficiency, manage resources responsibly, and build community solar projects that benefit underserved areas.
The corporate revolving credit arrangement replaces a $40 million letter of credit facility, which enhances flexibility for Greenbacker’s sustainable investment, as the facility is designed to issue letters of credit or be drawn as cash.
Greenbacker owns around 2.9GW of generating capacity. Since 2016, the company's actual assets have produced over 4.9 million MWh of clean energy, with a reduction of more than 3.5 million metric tons of carbon.