Greenbacker Renewable Secures $75 Million Warehouse Financing Facility

Greenbacker Renewable Energy Company LLC, a climate-focused investment manager and independent power producer, announced that it has closed on a new warehouse financing facility in an initial aggregate principal amount of $75 million, with the potential to increase up to $250 million.

Greenbacker says it will use the proceeds of the facility to support the construction and operation of its renewable power generation and energy storage portfolios.

Along with borrowing capacity, the company says the three-year revolving credit facility provides flexibility for Greenbacker’s sustainability investments. The facility is structured to provide commitments to extend revolving loans for eligible projects in an aggregate amount not to exceed $75 million, which may be increased to an aggregate amount of up to $250 million and includes an up to $50 million sublimit for issuances of letters of credit.

Greenbacker is also currently in the market to upsize the facility through incremental commitments from other lending relationships.

The company says it will deploy borrowings from the warehouse facility into investments across its solar, solar-plus-storage and standalone energy storage portfolios, expanding its ability to generate and deliver cheaper clean energy to consumers, communities and corporations around the country. Currently, Greenbacker’s clean energy fleet encompasses 457 assets of clean power production capacity and storage in 32 states, Canada, Puerto Rico, and Washington, DC.

Greenbacker Renewable Energy Company seeks to invest in projects that sell clean power under long-term contract to counterparties such as utilities, municipalities and corporations.

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