Greenbacker Capital Management, a leading renewable energy asset manager, has entered, through an affiliated investment vehicle, into a $92 million financing agreement with BMO, who served as both lender and the administrative agent for the deal. Wilmington Trust served as collateral agent and depositary agent.

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 the Holtville battery energy storage system (BESS), Greenbacker’s largest standalone battery energy storage asset to date. Holtville’s 30 MW power capacity and up to 120 MWh energy storage capacity means the project will be able to power approximately 16,200 homes[i] for a six-hour period, on average. 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.

Greenbacker was advised on the deal by the Stoel Rives law firm. Paul Hastings LLP served as legal advisor to BMO. Wilmington Trust was advised by Bryan Cave Leighton Paisner law firm.