Greenbacker Renewable Energy Company LLC has announced that through a wholly-owned subsidiary it entered into a credit agreement of up to US$37.55 million with Fifth Third Bank.
The credit agreement will support the ongoing expansion of Greenbacker’s investments in solar operating facilities.
In addition to an initial term loan of US$4.3 million, the Fifth Third Bank has provided a revolving credit facility that will convert to a term loan facility, in the aggregate principal amount of up to US$33.25 million, in July 2017. The credit facility bears interest at LIBOR plus 3.50%, with a final maturity date of July 2021.
Greenbacker was advised by Bostonia Partners LLC, a boutique investment banking firm based in Boston, MA, in this transaction.
Charles Wheeler, CEO of Greenbacker stated:
“We are extremely pleased to secure a credit facility which will enable us to further expand our alternative energy investment portfolio. We continue to seek high quality alternative energy assets, and this facility provides Greenbacker additional flexibility in acquiring power generation assets to provide a diversified revenue stream, leading to more predictable returns for our investors.”