May 11, 2022
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.
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Tags: ClearCapital, industrial and industrial