Greenbacker gets $92 million financing for storage, solar portfolio

By Wendy Van Sickle

Columbus, Ohio, Dec. 14 – Greenbacker Capital Management LLC closed a new $92 million financing facility with BMO as administrative agent and lender, according to a press release on Thursday.

The financing package includes a construction to term loan, a tax equity bridge loan, a term loan commitment and a letter of credit facility.

Proceeds from the construction loan and tax equity bridge loan will be used to finance the construction of the Holtville battery energy storage system, which is set to be Greenbacker’s largest standalone battery energy storage asset to date with a 30 MW power capacity and up to 120 MWh energy storage capacity for the ability to power about 16,200 homes for a six-hour period, on average.

The term loan will support the construction of a portfolio of community solar projects in the northeastern United States. All portfolio projects are expected to enter commercial operation in 2024.

Greenbacker is a New York-based climate-focused investment manager and independent power producer.

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