Clearway Energy Secures $821 Million Corporate Credit Facilities
The financing will help the company develop 30 GW of renewable energy projects
Clearway Energy Group, a developer and operator of clean energy projects in the U.S., has secured corporate credit facilities totaling $821.5 million.
The corporate sustainability-linked credit facilities consist of a $300 million revolving credit facility, a $171.5 million green term loan, and a $350 million letter of credit facility. The financing is expected to help Clearway execute renewable energy projects of over 30 GW of capacity across 28 states.
Natixis Corporate and Investment Banking acted as the coordinating lead arranger, lead sustainability coordinator, and lead green loan coordinator. Canadian Imperial Bank of Commerce contributed as the passive sustainability coordinator and passive green loan coordinator.
Joint lead arrangers included Banco Santander, New York Branch, BNP Paribas, Canadian Imperial Bank of Commerce, New York Branch, Desjardins Group, Keybank Capital Markets, MUFG Bank, National Australia Bank, Sumitomo Mitsui Banking Corporation, the Toronto-Dominion Bank, New York Branch, and Truist Securities.
Clearway provides renewable power under long-term offtake contracts to corporate, residential, and wholesale customers, including utilities, municipalities, cooperatives, and competitive retail providers. The company has 7 GW of operating wind, solar, and energy storage assets, offsetting the equivalent of more than 9 million metric tons of carbon emissions.
“This financing positions Clearway well to advance our development pipeline of more than 30 gigawatts and to expand upon our strong track record of delivering solar, wind, and battery storage projects,” said Max Gardner, Treasurer and Vice President of Corporate Finance at Clearway.
Recently, Clearway closed $421 million in financing for the 147 MW/ 588 MWh Rosamond Central Battery Energy Storage Project, paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. The construction on Rosamond Central BESS began in April 2023, and the facility is expected to reach commercial operation in 2024.
In April, Clearway announced the closing of financing for two utility-scale solar and storage projects in Riverside County, California. The Victory Pass and Arica solar projects will generate 463 MW of combined clean energy capacity and 186 MW of battery storage which can supply power to roughly 132,000 homes annually.