BayWa secures $115 million credit facility for solar projects

By Marisa Wong

Los Angeles, May 2 – BayWa r.e. has secured a $115 million credit facility with Nomura to support the development of utility scale solar and solar plus storage projects, according to a press release.

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 the company in the transaction, and Norton Rose Fulbright represented the lenders.

The credit facility will initially support projects totaling 1.1 gigawatts of solar and 188 megawatt-hours of battery storage in several states including North Carolina, Illinois, Kentucky, Arkansas and Washington. The projects will be brought online starting in 2024 through 2026.

As additional projects are added to the portfolio, the credit facility is expected to be upsized in the coming months, the company noted.

BayWa is a fully integrated utility-scale solar developer in North America. The company is based in Irvine, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.