Greenbacker Renewable Energy Company, a leading owner and operator of sustainable infrastructure and energy efficiency projects, entered into a senior credit agreement of $76.3 million with joint lead arrangers Fifth Third Bank and PNC Capital Markets. Morgan Stanley Renewables served as tax equity investor. Fifth Third Bank also served as administrative agent.

Greenbacker will use the credit facility to expand its Celadon portfolio of solar projects, which comprises 36 projects, both pre-operational and operational. The portfolio totals 107 MWdc of clean energy–generation capacity across 12 states and Washington, DC. All of the portfolio's projects either entered commercial operations in 2021 or will reach that stage in 2022. The projects all have long-term contracts in place to sell power to offtakers diversified across municipalities, utilities and co-ops, commercial and industrial customers, and universities. Approximately 93% of the portfolio’s offtakers have investment-grade credit ratings or are investment-grade equivalent.

Greenbacker was advised on the deal by the Stoel Rives law firm; Fifth Third Bank was advised by Moore & Van Allen.