BayWa r.e. has secured a $115 million credit facility with global financial services firm Nomura to support the development of utility-scale solar and solar+storage projects in the U.S.
The credit facility will initially support projects totaling 1.1 GW of solar and 188 MWh of battery storage in several states, including North Carolina, Illinois, Kentucky, Arkansas, and Washington.
The projects will be brought online starting in 2024 through 2026.
The credit facility includes a revolving credit facility and letter of credit to provide financing for the expansion of projects across a number of jurisdictions. Nomura was the lead arranger of the credit facility, Skadden acted as counsel for BayWa r.e. in the transaction, and Norton Rose Fulbright represented the lenders.
“We are excited to be partnering with Nomura to deploy clean, reliable energy at a time when there is a critical need for capacity,” says Fred Robinson, CEO at BayWa r.e. Solar Projects LLC. “This credit facility contributes to BayWa r.e.’s strong financial outlook and enables the acceleration of our pipeline growth in key markets supported by the Inflation Reduction Act. We are committed to our ongoing collaboration with like-minded, sustainability-driven partners to develop groundbreaking financing solutions that will accelerate the adoption of clean energy throughout the United States.”
As additional projects are added to the portfolio, the credit facility is expected to be upsized in the coming months.