Greenbacker Renewable Energy Co. LLC (GREC), a green energy investment company 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 served as joint lead arrangers.
The transaction is one of Greenbacker’s largest standalone debt financings to date, providing a construction loan facility to build two of the biggest solar projects in company history.
The MTSun and Fall River solar farms – which make up GREC’s Ponderosa portfolio – are each 80 MW AC. 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.
“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,” says Spencer Mash, CFO of GREC. “Once complete, they’ll deliver cheaper renewable energy to tens of thousands of households across Montana and South Dakota.”
“The Ponderosa transaction illustrates our ongoing commitment to grow the renewable energy industry by deploying capital in high-quality assets,” states Gregory Berman, director of Utilities Power & Renewables at KeyBanc Capital Markets. “This represents our seventh financing with Greenbacker, and we look forward to supporting their continued growth as a leader in the energy transition.”
The two assets are located in Yellowstone County, Mont. and Fall River County, S.D., respectively.
“Fifth Third Bank’s commitment to financing renewable energy technologies is well-known and steadfast,” comments Kyle Kuhn, renewable energy executive director at Fifth Third Bank. “We are pleased to be a part of this milestone transaction with Greenbacker that will support the clean energy transition.”
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Author: Ariana Fine