Greenbacker Renewable gets $37.55 million facility for solar projects

By Marisa Wong

Morgantown, W.Va., July 12 – Greenbacker Renewable Energy Co. LLC said it entered into an up to $37.55 million credit agreement with Fifth Third Bank to support the ongoing expansion of its investments in solar operating facilities.

In addition to an initial $4.3 million term loan, the lender has provided a revolving credit facility that will convert to a term loan, in the aggregate principal amount of up to $33.25 million, in July 2017.

The credit facility bears interest at Libor plus 350 basis points and matures in July 2021, according to a press release.

Bostonia Partners LLC advised Greenback in this transaction.

“We continue to seek high quality alternative energy assets, and this facility provides Greenbacker additional flexibility in acquiring power generation assets to provide a diversified revenue stream, leading to more predictable returns for our investors,” Charles Wheeler, chief executive officer of Greenbacker, said in the release.

Based in New York, Greenbacker expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.

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