Exus Renewables North America has closed a $400m senior secured corporate credit facility to fund development of its utility-scale solar, wind and battery storage portfolio across North America.
The company said the financing will support over 700MW of assets in operations or under construction and 4.5GW in active development.
It added that the proceeds will cover development-stage spending such as interconnection deposits, commercial offtake, equipment procurement and other project costs.
“This capital gives us the flexibility to develop and operate renewable power projects that meet America’s growing energy needs,” said Jim Spencer, president and CEO of Exus Renewables North America.
“We’re grateful to our banking partners and advisors for their support in completing this transaction,” Spencer added.
“The facility was arranged by Santander, Barclays Bank PLC, ING Capital LLC, and Nomura Securities International, Inc., as Coordinating Lead Arrangers, with KeyBanc Capital Markets Inc. and BHI, Bank Hapoalim’s US commercial banking arm as Joint Lead Arrangers,” stated the release.
ING Capital LLC and Nomura Securities International, Inc. served as green loan coordinators, while Banco Santander, S.A., New York Branch is administrative agent and KeyBank National Association is collateral agent.
The company was advised by PEI Global Partners with Latham & Watkins as legal counsel, and lenders were advised by Paul Hastings as legal counsel.