Positions Leading U.S. Renewable Energy Developer for Accelerated Growth
San Francisco, CA. – Clearway Energy Group LLC (“Clearway”), one of the largest developers and operators of clean energy in the United States, announced today that it has secured corporate credit facilities totaling $775 million to fuel the growth of its renewable energy development pipeline.
“We’re excited about the broad opportunity set this capital enables us to pursue across wind, solar, and storage as we look to more than double the growth of our development business over the next several years,” said Max Gardner, Treasurer and Vice President of Corporate Finance at Clearway. “With the support of our financial partners, we’ve invested in our growing portfolio of development assets and expanded our development activities to every regional market in the U.S.”
The corporate credit facilities consist of a $300 million revolving credit facility, a $300 million letter of credit facility, and a $175 million term loan. Natixis served as coordinating lead arranger on the transaction, which included twelve financial institutions.
Since its formation a little more than three years ago, Clearway has established itself as a top five renewable energy company in the U.S. in terms of owned capacity, with more than 5 gigawatts of wind, solar, and battery storage projects in its operating portfolio, and a robust development pipeline of more than 16 gigawatts.