Greenbacker secures US$186mn credit for 160 MWac solar PV projects in South Dakota and Montana

Greenbacker Renewable Energy Company LLC has entered into a US$186.2 million senior credit agreement with KeyBank N.A. and Fifth Third Bank to support the 160 MWac MTSun and Fall River solar projects in US states Montana and South Dakota, respectively.

KeyBank was the administrative agent for the lenders, while KeyBanc Capital Markets and Fifth Third Bank were the joint lead arrangers. Sheppard, Mullin, Richter & Hampton advised Greenbacker on the transaction, while Winston & Strawn represented the lenders.

The solar energy produced annually by the two utility-scale projects is estimated to power more than 34,000 homes in the two states while offsetting more than 260,000 metric tons of CO2 emissions.