Greenbacker Capital Management has entered into a $92 million financing agreement with BMO through an affiliated investment vehicle.
BMO served as both lender and the administrative agent for the deal. Wilmington Trust served as collateral agent and depositary agent. The financing package includes a construction to term loan, a tax equity bridge loan, a term loan commitment and a letter of credit facility.
The proceeds from the construction loan and tax equity bridge loan will be used to finance the construction of the Holtville BESS, which will have an expected 30 MW power capacity and up to 120 MWh energy storage capacity.
The project has a long-term contract in place with an investment-grade offtaker. The term loan will support the construction of a portfolio of community solar projects in the northeastern U.S. All portfolio projects are expected to enter commercial operation next year.
Holtville is compliant with the Equator Principles, a voluntary framework adopted by members of the financial industry, including BMO, to responsibly evaluate the environmental and social impacts of the projects they finance.
Greenbacker was advised on the deal by Stoel Rives. Paul Hastings served as legal advisor to BMO. Wilmington Trust was advised by Bryan Cave Leighton Paisner.
The post Greenbacker Enters into $92 Million Financing Agreement with BMO appeared first on Solar Industry.
Greenbacker Enters into $92 Million Financing Agreement with BMO
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