Emerald Energy agrees USD 150m revolver for green portfolio in US

Solar farm. Author: Alan Levine.

July 22 (Renewables Now) - Emerald Energy Venture LLC has secured USD 150 million (EUR 127.4m) in financing, through a portfolio revolving facility, for solar, energy storage and wind projects in the US.

National Grid (NYSE:NGG), one of the investors in the joint venture, said on Wednesday the revolver will support projects developed by its unit National Grid Renewables with a combined capacity of 1.05 GW.

The facility, structured by SMBC in line with National Grid's Green Financing Framework, bundled several schemes together to achieve economies of scale and operational efficiencies. Thanks to an accordion feature, the revolving credit loan for Emerald Energy can be expanded to USD 250 million in mid-2022.

SMBC will serve as lead arranger, bookrunning manager, green loan coordinator, collateral and administrative agent.

In July 2019, National Grid bought 51% in Emerald Energy Venture, while the rest was held by Washington State Investment Board (WSIB).

(USD 1 = EUR 0.849)

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