ClearCapital closes $200M ‘accordion’ credit score facility to develop solar portfolio – Solar Builder Journal

By SB Staff May 11, 2022 View Profile

ClearCapital closed on a credit score facility of as much as $200 million to help its pipeline of distributed solar and energy storage initiatives. Rabobank will act as mandated lead arranger, administrative agent, and collateral agent.

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The facility is structured as an accordion and can develop over time to accommodate ClearCapital’s increasing portfolio of working solar property. The preliminary anchor portfolio contains 35 solar property throughout 11 states, with a complete capability of 29 megawatts. The facility can accommodate a variety of offtake varieties, together with utility offtake, C&I PPAs, web metering, and group solar.

“As CleanCapital continues to expand its portfolio, efficiency and speed on the financing side will be key to our success,” mentioned Melinda Baglio, Chief Investment Officer and General Counsel at ClearCapital. “This facility will enable us to be even more responsive to market opportunities, further cementing CleanCapital’s reputation as a leader in deploying capital into this segment.”

“CleanCapital is one of the leading distributed generation players in the U.S. and this facility provides the company with a flexible financing vehicle through which it can meet its portfolio growth targets,” mentioned Claus Hertel, Managing Director, Project Finance. “Rabobank is pleased to have structured a financing to allow CleanCapital to build out its portfolio in the distributed sector, an increasingly important space to support decarbonization goals and an identified area of growth for Rabobank.”

Kirkland & Ellis acted as authorized counsel to ClearCapital and Norton Rose Fulbright suggested Rabobank. Investment Bank Javelin Capital acted as advisor to ClearCapital on the transaction.

More solar financing information

The “solarcoaster” has been in full swing recently, with controversial web metering choices looming and the extensions of federal incentives perpetually on maintain. To shield towards this volatility, Sunnova Energy International is launching an energy plan with a hard and fast proportion low cost to prevailing utility costs and a 25-year market-based fee.

Net Zero as a Service is a low-risk, high-reward funding mannequin. Under a Net Zero as a Service (NZaaS) contract, companions working towards C&I solar enhancements can join with an skilled group, says Johnson Controls, to make facility upgrades with out impacting current budgets.

Fintech firm CommonBond, greatest recognized for its pupil lending enterprise, formally launched a brand new solar financing enterprise. The firm unofficially debuted this solar financing aspect in “stealth mode” in Q3 2021, and it apparently went properly: CommonBond is already on tempo to do $1 billion of solar originations in 2022.

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Tags: ClearCapital, industrial and industrial

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