Greenbacker Enters into $92 Million Financing Settlement with BMO

Greenbacker Capital Administration has entered right into a $92 million financing settlement with BMO by an affiliated funding car. 

BMO served as each lender and the executive agent for the deal. Wilmington Belief served as collateral agent and depositary agent. The financing package deal features a building to time period mortgage, a tax fairness bridge mortgage, a time period mortgage dedication and a letter of credit score facility. 

The proceeds from the development mortgage and tax fairness bridge mortgage shall be used to finance the development of the Holtville BESS, which can have an anticipated 30 MW energy capability and as much as 120 MWh vitality storage capability. 

The venture has a long-term contract in place with an investment-grade offtaker. The time period mortgage will assist the development of a portfolio of group photo voltaic initiatives within the northeastern U.S. All portfolio initiatives are anticipated to enter business operation subsequent yr.

Holtville is compliant with the Equator Ideas, a voluntary framework adopted by members of the monetary business, together with BMO, to responsibly consider the environmental and social impacts of the initiatives they finance.

Greenbacker was suggested on the deal by Stoel Rives. Paul Hastings served as authorized advisor to BMO. Wilmington Belief was suggested by Bryan Cave Leighton Paisner.