January 11 (Renewables Now) - New York-based Greenbacker Renewable Energy Company LLC said on Wednesday it has entered into an agreement with Fifth Third Bank for a USD-60-million (EUR 50m) senior secured credit facility.
Greenbacker has made an initial drawdown of about USD 25.7 million to pay off existing loans with various financial institutions and to gather funds for future investments. Additional drawdowns are possible through December 31, 2018, with the facility maturing on January 5, 2024.
“We look forward to expanding our banking relationship in the coming years as the company continues to grow and invest in alternative energy assets for the benefit of our investors,” said Richard Butt, CFO of Greenbacker.
Over the past two months, Greenbacker announced several transactions involving the purchase of solar and wind assets, including a 26-MW construction-ready solar project in California.
(USD 1.0 = EUR 0.830)