BayWa r.e. has secured a $115-million credit facility with global financial services firm Nomura to support the development of utility-scale solar and solar+storage projects.
The credit facility will initially support projects totaling 1.1 GW of solar and 188 MWh 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.
“This credit facility contributes to BayWa r.e.’s strong financial outlook and enables the acceleration of our pipeline growth in key markets supported by the Inflation Reduction Act,” said Fred Robinson, CEO at BayWa r.e. Solar Projects.
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 BayWa r.e. in the transaction, and Norton Rose Fulbright represented the lenders.
“As a global leader in the cleaner energy market, BayWa r.e. is an ideal client for Nomura and we are excited to continue to support their efforts in growing their renewable pipeline,” Vinod Mukani, Global Head of Nomura’s Infrastructure and Power Business, said.
”We always focus on working with our clients to execute customized solutions that best fit their needs and we are excited to collaborate with BayWa r.e. for this unique and strategic financing,” said Alain Halimi, an Executive Director of Nomura’s IPB.