Invenergy announced it has closed a $1.1 billion debt financing facility for three solar projects. The three projects are planned to be established in Ohio, Indiana, and Tennessee.
The company stated that the debt financing comprises a Construction/Bridge Loan Facility and a Letter of Credit Facility.
Project Details
The funding will be utilised for three of Invenergy’s large scale solar initiatives. These three projects are currently under construction. The Cadence Solar Energy Center (240 MW), the Trade Post Solar Energy Center (200 MW), and the Yum Yum Solar Energy Center (150 MW) are the three projects receiving the funding.
These projects are scheduled to commence operations in 2026. Once the operations start, the projects will produce 590 megawatts of power combined. Along with the power produced, these projects will generate economic benefits and employment opportunities to the regions in which they are established.
Collectively, the three projects will accumulate over $390 million in taxes and payments to landowners over the lifespan of the projects.
“As Invenergy continues to develop world-class energy solutions that address growing electricity demands across the country, it is important to partner with premier financial institutions that share our commitment to strengthening the grid with cleaner energy,” said Brian Bortman, Invenergy’s Senior Vice President, Finance & Capital Markets.
He added, “This is a significant transaction, and we thank our lending partners for their continued confidence in Invenergy and our ability to build top-of-the-line energy centers.”
Financing
Natixis Corporate & Investment Banking, Canadian Imperial Bank of Commerce (CIBC), Nomura, Rabobank, and Wells Fargo served as Coordinating Lead Arrangers, Green Loan Coordinators, Bookrunners, and Approved Hedge Providers for the financing.
Natixis Corporate & Investment Banking acted as the Documentation Agent, while CIBC acted as the Administrative Agent. Meanwhile, Rabobank served as the Diligence Coordinator. CIBC, Rabobank, and Wells Fargo functioned as Issuing Banks.