8minute Solar gets loan to arrange PPAs for 18-GW project pipeline
“Solar Energy” TO GO…
By zara6699 on 2015-05-18 17:52:57
8minute Solar gets loan to arrange PPAs for 18-GW project pipeline
June 2 (Renewables Now) – US solar-plus-storage developer 8minute Solar Energy has secured a USD-225-million (EUR 202.2m) credit facility to support power purchase agreements (PPA) for its 18-GW project pipeline.
The company has signed a letter of credit (LC) from a group of five lenders led by CIT (NYSE:CIT) and including KeyBank, HSBC (LON:HSBA), Rabobank and Nomura Holdings (NYSE:NMR). The new debt replaces an existing loan facility with Rabobank and is a combination of project and corporate debt that is backed by the assets of a company joint venture, 8minute solar said on Monday.
The USD 225 million will go to arrange PPAs and interconnection agreements related to solar and battery storage projects in California, Texas and the Southwestern US. 8minute’s pipeline now exceeds 18 GW and includes more than 50 utility-scale projects in various development stages.
Latham & Watkins represented 8minute and Norton Rose Fulbright represented the lenders. CIT was the sole coordinating lead arranger in the deal.
(USD 1.0 = EUR 0.899)
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