US clean energy developer Clearway Energy Group has received corporate credit facilities over US$1 billion.
The company noted that Natixis Corporate and Investment Banking (Natixis CIB) served as the coordinating lead arranger and also took on the role of administrative agent for financing facilities.
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The corporate credit facilities include a US$400 million revolving credit facility and a US$350 million letter of credit facility. Additionally, it comprises a US$169 million term loan. Natixis CIB further extended a $100 million letter of credit facility as part of the arrangement.
Clearway has not specified how the money will be used, but PV Tech has asked the company for clarification.
However, it has announced a number of renewable project developments in the US. In April, as part of its financial results announcement, the company noted that it had acquired a 100MW operating solar project in California, which is co-located with a battery energy storage system (BESS), following an announcement that it had signed a power purchase agreement (PPA) with technology giant Microsoft to sell electricity generated at a 335MW wind farm in West Virginia.
Expressing gratitude to Natixis and other financials partners, Max Gardner, treasurer and senior vice president of corporate finance at Clearway, said that the facilities provide Clearway with the “financial headroom and flexibility” required “to grow and capitalise on the opportunities ahead.”
In addition to Natixis CIB, the facilities saw participation from Joint Lead Arrangers including Canadian Imperial Bank of Commerce, KeyBank, MUFG Bank, National Australia Bank, Royal Bank of Canada and Societe Generale.
Meanwhile, Banco Bilbao Vizcaya Argentaria, Cooperatieve Rabobank, DNB Capital LLC, Desjardins Group and Truist Bank were the mandated lead arrangers. And Banco Santander and The Toronto-Dominion Bank participated as lenders.
Pipeline reaches 30GW
The San Francisco-headquartered independent power producer (IPP) has a 30GW renewable energy pipeline including solar, wind and BESS projects across 28 states in the US. The firm is steadily expanding its regional capacity through a series of strategic investments.
In August 2024, Clearway closed a US$550 million financing facility for a 140MW solar-plus-storage project in Kern County, California. The Rosamond South I project already under construction has 118MW battery storage capacity and is expected to reach commercial operations in 2025.
Additionally, the company secured a US$700 million construction financing in July 2024 to build a solar PV and a BESS, located in the Californian counties of Fresno and San Bernadino. The construction financing was secured by a bank consortium consisting of Nord/LB, Société Générale, KeyBanc Capital Markets, DNB and ANZ.
