California — BayWa r.e. announced it has secured a $115 million credit facility with Nomura, a global financial services firm.
The funds will be used to support the development of utility-scale solar and solar+storage projects as the company continues to expand its footprint in the U.S. clean energy market.
The credit facility will initially support projects totalling 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 between 2024 and 2026.
Fred Robinson, CEO at BayWa r.e. Solar Projects LLC, expressed his excitement about the partnership, stating that “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.”
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 acted as the lead arranger of the credit facility, with Skadden acting as counsel for BayWa r.e. and Norton Rose Fulbright representing the lenders.
Vinod Mukani, Global Head of Nomura’s Infrastructure and Power Business (“IPB”), expressed his excitement about the collaboration, stating that “Nomura is excited to provide its global intellectual and financial capital by providing a bespoke financing solution to BayWa r.e. in an effort to support its growth in the United States.”
As additional projects are added to the portfolio, the credit facility is expected to be upsized in the coming months.