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.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Mar 09 - Mar 11, 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content and online networking.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.