A joint venture owned by utility giant National Grid has secured $150 million in new credit to help grow its renewable energy investment over the coming years.
Emerald Energy Venture LLC secured its $150 million portfolio revolving facility structured by SMBC, which is also lead arranger and agent. The portfolio revolver can be expanded to $250 million midway through next year.
The new credit will allow National Grid’s EEV to fund construction of solar, battery storage and wind projects currently under development by National Grid Renewables, the utility holding company’s competitive renewable energy arm.
“Adding more renewable energy to the grid is just one of the many ways in which National Grid is supporting the transition towards a cleaner energy landscape,” said Alexandra Lewis, Group Treasurer of National Grid plc. “This new green facility will help accelerate the work National Grid Renewables is doing in the renewable energy space in the U.S., which not only generates significant environmental benefits, but also drives economic activity and creates green jobs in communities across America.”
National Grid Renewables develops, owns and operates large-scale renewable energy projects across the U.S., including solar, wind and battery storage. This facility is expected to help fund part of the construction of an estimated 1.05 GW of clean energy generation capacity, enough to avoid more than 1.6 million metric tons of carbon dioxide annually according to the Environmental Protection Agency’s greenhouse gas equivalencies calculator.
National Grid Renewables recently completed 40 MW of new solar projects in Michigan.