Greenbacker Secures $75M to Power Solar, Storage Projects
- Greenbacker Renewable Energy Company LLC secures USD 75 million to expand investments in solar, solar-plus-storage and stand-alone energy storage projects. Expansion to USD 250 million possible. Latest project is a 30-MW/120-MWh battery energy storage system in California.
Greenbacker Renewable Energy Company LLC has secured USD 75 million to support the construction and operation of its renewable power generation and energy storage projects. The three-year revolving credit facility led by Wells Fargo and Wilmington Trust, National Association as collateral agent allows for the amount to potentially increase to up to USD 250 million. The funds will be used to invest across Greenbacker’s solar, solar-plus-storage and stand-alone energy storage portfolios. In June, Greenbacker Capital Management LLC, the asset management arm of the Greenbacker group, bought its largest stand-alone battery storage asset - a 30-MW/120-MWh battery energy storage system (BESS) project in Imperial County, California. The company’s clean energy fleet currently includes 457 assets of power production capacity and storage in 32 states, Washington, DC, Canada and Puerto Rico.
How Much Funding Has Greenbacker Secured?
- The three-year revolving credit facility secured by Greenbacker Renewable Energy Company LLC was led by Wells Fargo and Wilmington Trust, National Association as collateral agent.
- The USD 75 million has the potential to increase to up to USD 250 million.The funds will be used to invest across Greenbacker’s solar, solar-plus-storage and stand-alone energy storage portfolios.
- In June, Greenbacker Capital Management LLC purchased its largest stand-alone battery storage asset - a 30-MW/120-MWh BESS project in Imperial County, California.
- Greenbacker’s current clean energy fleet includes 457 assets of power production capacity and storage in 32 states, Washington, DC, Canada and Puerto Rico.
