Greenbacker Capital Management (Greenbacker) has entered into a US$92m financing agreement with BMO to fund the construction of the 30MW Holtville battery energy storage system in California.
The financing package includes a construction to term loan, a tax equity bridge loan, a term loan commitment, and a letter of credit facility.
The proceeds from the construction loan and tax equity bridge loan will be used to finance the construction of Greenbacker’s largest standalone battery energy storage asset to date.
The project has a long-term contract in place with an investment-grade offtaker.
The term loan will support the construction of a portfolio of community solar projects in the northeastern US.
All portfolio projects are expected to enter commercial operation in 2024.
Holtville is compliant with the Equator Principles, a voluntary framework adopted by members of the financial industry, including BMO, to responsibly evaluate the environmental and social impacts of the projects they finance.