8minute bags US$225m financing facility to pursue 18GW solar, storage pipeline

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
8minute's pipeline comprises more than 50 large-scale solar and/or storage projects. Image: 8minute Solar Energy.

8minute Solar Energy has closed a US$225 million letter of credit facility with five major banks as it looks to power ahead with an 18GW pipeline of solar and storage projects in the US.

The financing facility will be used to post securities for power purchase agreements its signs and arrange interconnection agreements for a fledgling portfolio of more than 50 sites that spans California, Texas and other states in the Southwestern US.

The facility itself is a hybrid of project and corporate debt backed by assets belonging to 8minute and its joint venture partners.

The new line of credit replaces a previous facility signed with Rabobank and, at US$225 million, represent a tenfold increase on the original credit line secured in 2016.

Rabobank are once again among the banks providing the financing, joined by KeyBank, HSBC and Nomura Holdings, with CIT acting as sole coordinating lead arranger.

Tom Buttgenbach, president and CEO at 8minute, said the firm was “glad to continue working with core financial partners” at a “challenging time” for renewables financing.

The deal comes a month after 8minute added a further 3GW to its US pipeline to take it to 18GW, simultaneously announcing new corporate-level funding to grow its pipeline further.

Read Next

February 24, 2021
Microinverter supplier to use proceeds to repurchase notes due 2024 and 2025 as well as other corporate purposes
February 19, 2021
A new energy strategy in Poland that aims to transition the country to a low-carbon economy by 2040 underestimates the growth potential of solar generation, PV trade associations have suggested.
February 17, 2021
Shorter purchasing contracts with private companies could be a "lucrative" short-term source of income for Poland's solar market.
February 15, 2021
Longroad Energy to acquire ~900MWdc of solar, with battery storage additions also to be considered.
February 15, 2021
US utility Duke Energy should refile its 2020 integrated resource plan (IRP) to effectively allow for the diversity benefits of solar and storage to be captured, it has been argued by energy consulting firm E3.
February 11, 2021
Oil and gas major Shell has said it will spend between US$2 billion and US$3 billion on renewables and energy solutions annually to help it attain net zero status by 2050.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Solar Media Events
June 15, 2021