BayWa re 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 United States.
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 from 2024 to 2026.
The line of credit includes a standby line of credit and a letter of credit to provide financing for expanding projects in multiple jurisdictions. Nomura was the lead arranger for the credit facility, Skadden acted as BayWare’s advisor on the deal, and Norton Rose Fulbright represented the lenders.
“We are excited to partner with Nomura during the deployment of clean, reliable energy when there is a critical need for capacity,” said Fred Robinson, CEO of BayWa re Solar Projects LLC. “This credit facility contributes to BayWa re’s strong financial prospects and enables us to accelerate our growth in key markets supported by the anti-inflation law. We are committed to continued collaboration with like-minded, sustainable partners to develop groundbreaking financing solutions that accelerate the adoption of clean energy across the United States.
When new projects are added to the portfolio, the credit limit is expected to be increased in the coming months.