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BayWa r.e. has obtained a credit facility of $115 million from Nomura, a global financial services firm, to aid in the development of utility-scale solar and solar+storage projects, as it expands its presence in the clean energy market of the United States. According to the company, the credit facility will be used initially to support the development of projects totaling 1.1 GW of solar and 188 MWh of battery storage across several states, including North Carolina, Illinois, Kentucky, Arkansas, and Washington, with the projects set to commence operation from 2024 through 2026.
Fred Robinson, CEO of BayWa r.e.’s solar division, said the credit facility would help the company expedite its pipeline growth and leverage incentives for clean energy deployment under the Inflation Reduction Act.
which includes a revolving credit and letter of credit to finance project expansion across various jurisdictions. The credit facility is expected to be enlarged as more projects are included in the portfolio. BayWa r.e. Solar Projects LLC is an integrated solar developer in North America that manages development, long-term operations, and asset management. The company has brought over 1 GW online since 2014 and currently manages more than 500 MW.
BayWa r.e.’s recent $115 million credit facility from Nomura, with support from Skadden and Norton Rose Fulbright, will enable the company to develop utility-scale solar and solar+storage projects in multiple states across the US. The facility includes a revolving credit and letter of credit and is expected to be upsized as additional projects are added to the portfolio. BayWa r.e.’s Solar Projects LLC manages all aspects of solar project development, and the company has brought over 1 GW online since 2014 and currently manages more than 500 MW. These developments represent a significant step towards a more sustainable energy future in the United States.
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