Solar developer 8minute upsizes financing facility to USD 350m

ETM Solar Works
Solar energy services, based in Endicott, New York
Photo Credit: Stephen Yang / The Solutions Project
By 100isNow on 2016-04-08 09:30:12
tags Solar developer 8minute upsizes financing facility to USD 350m

December 22 (Renewables Now) – US solar-plus-storage developer 8minute Solar Energy has upsized the USD-225-million (EUR 184m) letter of credit and revolving credit facility it secured earlier this year to a total of USD 350 million.

In addition to the existing lenders, support came from project finance banks Deutsche Bank, Landesbank Hessen-Thüringen (Helaba) and Norddeutsche Landesbank (NORD/LB), 8minute announced in a statement today. The initial facility was closed in May with a banking group led by CIT as sole coordinating lead arranger. KeyBanc Capital Markets, HSBC, Rabobank and Nomura served as joint lead arrangers.

The company said that the additional USD 125 million will help it speed up the development of its project pipeline. It now consists of over 18 GW of solar power capacity and 24 GWh of energy storage located throughout the states of California and Texas, as well as the Southwestern US.

8minute is using the initial facility to post securities for its power purchase agreements (PPAs) and interconnection deals. The company noted that just this year it has signed about 1 GW of solar and 800 MWh of storage with new customers.

(USD 1.0 = EUR 0.817)