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 as it continues to grow its footprint in the U.S. clean energy market.
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 company said. The projects are expected to be brought online starting in 2024 through 2026.
Fred Robinson, CEO of BayWa r.e.’s solar division, said the credit facility allows the company to accelerate its pipeline growth and capitalize on incentives for clean energy deployment within the Inflation Reduction Act.
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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.
As additional projects are added to the portfolio, the credit facility is expected to be upsized in the coming months.
BayWa r.e. Solar Projects LLC is a fully integrated utility-scale solar developer in North America—overseeing all aspects of development from site origination through long-term operations and asset management. Since 2014, the company has brought more than 1 GW online and manages more than 500 MW.
