CleanCapital closes $60 million credit facility to support renewable energy projects
NEW YORK—September 18, 2022—CleanCapital announced today that it has closed on a credit facility of up to $60 million to support its pipeline of distributed solar and energy storage projects.
The facility is structured as a revolver and will primarily be used to fund development and construction expenses and issue letters of credit. CleanCapital recently announced a series of investments that expand its focus from operating solar assets to investing earlier in the life cycle of solar and energy storage projects. Wells Fargo acted as mandated lead arranger, administrative agent, and collateral agent.
“As CleanCapital invests in early-stage solar development to more effectively inject capital and keep projects moving forward, we require greater speed of financing,” said Melinda Baglio, Chief Investment Officer and General Counsel at CleanCapital. “This facility will help us more efficiently manage our capital deployment on our growing portfolio of development and construction assets to help meet the goals of the IRA and enable the clean energy transition.”
“We are pleased to support CleanCapital in their ongoing investment in renewable energy projects,” said Alok Garg, Head of Renewables & Asset Finance, Corporate & Investment Banking at Wells Fargo.
Milbank LLP acted as legal counsel to CleanCapital.
CleanCapital is an industry-leading clean energy investment platform. Since 2015, CleanCapital has worked to accelerate investment in distributed solar and storage assets to address the urgent threat of climate change. To date, CleanCapital has invested more than $950 million in projects and companies that align with its mission. In total, the company has successfully acquired projects totaling more than 370 MW spanning 26 states and U.S. territories. More information about CleanCapital can be found at https://cleancapital.com/
# # #
For CleanCapital PR