Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company, has entered into a $60 million senior secured credit agreement with Fifth Third Bank, which is the sole lead arranger and bookrunner.
The initial drawdown on the facility was approximately $25.7 million, which was used to pay off existing loans with various financial institutions as well as for funding future investments.
The facility, which allows for additional drawdowns through December 31, 2018, matures on January 5, 2024 and is collateralized by assets, property and interests in property held by various company subsidiaries. Loans made under the credit facility bear interest at 2.125 percent over one-month LIBOR, according to a related SEC filing.
In other Greenbacker news, the company has purchased a number of wind and solar projects in recent weeks, including Wagner Wind, a 6.0 megawatt wind farm located in Palm Springs, California; Midway III, a yet-to-be constructed 26-megawatt solar project located in Imperial County, California; Georgia Mountain Community Wind LLC located in Chittenden and Franklin Counties, Vermont; and a portfolio of six solar systems located in Colorado and California.
Greenbacker Renewable Energy Company owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.