Natixis Corporate & Investment Banking (Natixis CIB) closed a $1.5 billion sustainability-linked revolving credit facility to support Invenergy Renewables Operating I LLC (IROI) and its parents' growing project development pipeline.

This financing upsizes the existing $600 million working capital facility of IROI with the support of existing lenders and several new lenders joining the syndicate.  

Mandated Lead Arrangers were Natixis CIB, Coöperatieve Rabobank U.A., New York Branch (Rabobank), Export Development Canada, Desjardins Group. Bank of Montreal, Chicago Branch, Canadian Imperial Bank of Commerce, New York Branch, KeyBanc Capital Markets Inc., Banco Santander, S.A., New York Branch, and National Bank of Canada were named as Joint Lead Arrangers. BNP Paribas, Societe Generale, The Bank of Nova Scotia were named as Senior Managing Agents. The other lenders are HSBC Bank USA, National Association, MUFG Bank, Ltd, National Australia Bank Limited and National Westminster Bank Plc.

This year, Natixis CIB, acting as Sustainability Coordinator, has worked with IROI to structure sustainability-linked features aligned with the Company's strategy to deliver clean energy. The facility is tied to two Key Performance Indicators: the increase in GHG emissions avoided related to IROI's assets and a Health and Safety metric.

"This financing firmly advances our ability to execute on an industry-leading project portfolio at a time of massive growth for Invenergy," said Meghan Schultz, Executive Vice President and Chief Financial Officer at Invenergy. "We thank our lender teams for their excellent service, continued confidence, and shared commitment to building a more sustainable world."

"Natixis CIB is excited to deliver this landmark financing to a preeminent renewable developer such as Invenergy. The successful refinance and upsize of the corporate facility adds another important milestone to Natixis CIB's longstanding relationship with Invenergy, as well as its investment partners – Blackstone and CDPQ. The corporate facility will expedite Invenergy's stated goal of expanding the share of clean power generation in the US and enable the continued delivery of top quartile renewable assets. Natixis CIB was proud to partner with the excellent team at Invenergy and an outstanding bank group to deliver this landmark financing. This transaction is a further testament to Natixis CIB's continued commitment to supporting best-in-class sustainable energy platforms," said Yash Anand, Head of Energy Transition & Natural Resources, Americas at Natixis CIB.