Distributed generation investor CleanCapital obtains USD 200m loan

Plymouth Solar Site in Massachusetts. Source: CleanCapital

May 11 (Renewables Now) - New York-based clean energy investment platform CleanCapital on Wednesday said it has secured a credit facility of up to USD 200 million (EUR 189.5m) with Dutch lender Rabobank to back its pipeline of distributed solar and energy storage projects.

Structured as an accordion, the facility will be able to support CleanCapital's growing portfolio. As an initial anchor portfolio will serve a bundle of 35 solar assets totalling 29 MW and located in 11 states.

Melinda Baglio, chief investment officer and general counsel at CleanCapital, said that the facility will allow the company to be “even more responsive to market opportunities” as it continues to expand its portfolio.

The loan provides for various offtake types such as utility offtake, commercial and industrial (C&I) power purchase agreements (PPAs), net metering and community solar. Rabobank will act as mandated lead arranger, administrative agent and collateral agent.

According to Claus Hertel, managing director, project finance, the distributed generation sector is an increasingly important area to support decarbonisation and an identified area of growth for Rabobank.

CleanCapital says it has so far completed more than USD 800 million in acquisitions and acquired more than 300 MW.

(USD 1 = EUR 0.948)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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