US developer Invenergy has closed a debt financing facility in excess of $1bn for three solar projects in Ohio, Indiana and Tennessee.
The $1.1bn debt financing includes a Construction/Bridge Loan Facility and a Letter of Credit Facility.
This financing applies to three of Invenergy’s utility-scale solar projects in construction – Cadence Solar Energy Center (240MW, Ohio), Trade Post Solar Energy Center (200MW, Indiana) and Yum Yum Solar Energy Center (150MW, Tennessee).
Together, these projects will generate 590MW energy once operational in 2026 and bring economic benefits to their local communities, including construction jobs and more than $390m in taxes and landowner payments throughout the projects’ lifespans.
“As Invenergy continues to develop world-class energy solutions that address growing electricity demands across the country, it is important to partner with premier financial institutions that share our commitment to strengthening the grid with cleaner energy,” said Brian Bortman, Invenergy’s senior vice president, finance and capital markets.
“This is a significant transaction, and we thank our lending partners for their continued confidence in Invenergy and our ability to build top-of-the-line energy centers.”
Natixis, Canadian Imperial Bank of Commerce (CIBC), Nomura, Rabobank and Wells Fargo acted as Coordinating Lead Arrangers, Green Loan Coordinators, Bookrunners, and Approved Hedge Providers for the financing.