CleanCapital closes $200M ‘accordion’ credit facility to expand solar portfolio


CleanCapital closed on a credit facility of up to $200 million to support its pipeline of distributed solar and energy storage projects. Rabobank will act as mandated lead arranger, administrative agent, and collateral agent.

The facility is structured as an accordion and will grow over time to accommodate CleanCapital’s expanding portfolio of operating solar assets. The initial anchor portfolio comprises 35 solar assets across 11 states, with a total capacity of 29 megawatts. The facility can accommodate a wide range of offtake types, including utility offtake, C&I PPAs, net metering, and community solar.

“As CleanCapital continues to expand its portfolio, efficiency and speed on the financing side will be key to our success,” said Melinda Baglio, Chief Investment Officer and General Counsel at CleanCapital. “This facility will enable us to be even more responsive to market opportunities, further cementing CleanCapital’s reputation as a leader in deploying capital into this segment.”

“CleanCapital is one of the leading distributed generation players in the U.S. and this facility provides the company with a flexible financing vehicle through which it can meet its portfolio growth targets,” said Claus Hertel, Managing Director, Project Finance. “Rabobank is pleased to have structured a financing to allow CleanCapital to build out its portfolio in the distributed sector, an increasingly important space to support decarbonization goals and an identified area of growth for Rabobank.”

Kirkland & Ellis acted as legal counsel to CleanCapital and Norton Rose Fulbright advised Rabobank. Investment Bank Javelin Capital acted as advisor to CleanCapital on the transaction.

More solar financing news

The “solarcoaster” has been in full swing lately, with controversial net metering decisions looming and the extensions of federal incentives perpetually on hold. To protect against this volatility, Sunnova Energy International is launching an energy plan with a fixed percentage discount to prevailing utility prices and a 25-year market-based rate.

Net Zero as a Service is a low-risk, high-reward funding model. Under a Net Zero as a Service (NZaaS) contract, partners working toward C&I solar improvements can connect with an experienced organization, says Johnson Controls, to make facility upgrades without impacting existing budgets.

Fintech company CommonBond, best known for its student lending business, officially launched a new solar financing business. The company unofficially debuted this solar financing side in “stealth mode” in Q3 2021, and it apparently went well: CommonBond is already on pace to do $1 billion of solar originations in 2022.

Listen to more in-depth conversations on Solar Builder's YouTube channel

Our most popular series include:

Power Forward! | A collaboration with BayWa r.e. to discuss higher level industry topics.
The Buzz | Where we give our 2 cents per kWh on the residential solar market.
The Pitch | Discussions with solar manufacturers about their new technology and ideas.

Tags: ,

Comments are closed here.