BayWa r.e Solar Projects – the US solar developer arm of industrial conglomerate BayWa – has secured a US$115 million credit facility to support the expansion of its US solar and storage project portfolio.
The facility is with global financial services firm Nomura and will support 1.1GW worth of solar PV and 118MWh of battery storage projects across North Carolina, Illinois, Kentucky, Arkansas, Washington and other US states. The portfolio will be brought online between 2024-26.
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.
Baywa r.e said that the credit facility will likely be expanded in the coming months as more projects are added to the portfolio.
“We are excited to be partnering with Nomura to deploy clean, reliable energy at a time when there is a critical need for capacity,” said Fred Robinson, CEO at BayWa r.e. Solar Projects LLC.
“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 (IRA).”
The IRA has spurred growth in the US solar sector since its passage last Summer as developers and manufacturers have capitalised on the tax credits offered under the act. Last week, however, a group of Republican politicians launched an attempt to repeal many of the pro-renewables measures included in the IRA with a ‘Limit, Save, Grow Act’. The measure passed the House of Representatives and will be set for vote in the coming weeks.