Eolian closes $515m green loan
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Eolian closes $515m green loan

Eolian Battery Storage

Eolian, a portfolio company of Global Infrastructure Partners (GIP), has closed financing on a green loan for decarbonization strategies across the US.

The California-based firm secured the $515 million from Banco Santander, MUFG, National Australia Bank, Natixis Corporate & Investment Banking, and SMBC.

"The closing of this long-term financing with a club of five premier global lenders validates the broad appeal of Eolian as a sponsor and of its uniquely diversified and compelling clean energy portfolio," said Aaron Zubaty, chief executive of Eolian. "The expansion of our lending group will provide additional sources of capital to advance and scale our decarbonization strategies in the years ahead."

In May, Portland General Electric Company procured two 200MW developments in Portland from Eolian, which are expected to begin service in 2025 (PFR, 5/2/23). In April 2022, Eolian closed financing on a $925 million debt package from Santander for renewable energy projects (PFR, 4/21/22).

In late 2020, Eolian, formerly MAP RE/ES, was purchased by GIP, a leading global infrastructure investor, through its fund GIP IV.

Eolian currently owns and operates 21GW of energy storage, solar, and wind generating capacity across the US, and invests in renewable energy through funds managed by GIP.

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