Solar Q4 2023 Report

BayWa r.e., a utility-scale solar project developer, secured a $115 million credit facility from Nomura to support the development of utility-scale solar and solar+storage projects as it continues to grow its footprint in the U.S. clean energy market.

 The credit facility will initially support projects totaling 1.1 GW of solar and 188 MWh of battery storage in several states, including North Carolina, Illinois, Kentucky, Arkansas, and Washington. The projects will be brought online starting in 2024 through 2026.

 The credit facility includes a revolving credit facility and a letter of credit to provide financing for the expansion of projects across many jurisdictions. Nomura was the lead arranger of the credit facility, Skadden acted as counsel for BayWa r.e. in the transaction, and Norton Rose Fulbright represented the lenders.

 “We are excited to be partnering with Nomura to deploy clean, reliable energy when there is a critical need for capacity,” said Fred Robinson, CEO at BayWa r.e. Solar Projects LLC. “This credit facility contributes to BayWa r.e.’s strong financial outlook and accelerates our pipeline growth in key markets supported by the Inflation Reduction Act. We are committed to our ongoing collaboration with like-minded, sustainability-driven partners to develop groundbreaking financing solutions that will accelerate the adoption of clean energy throughout the United States.”

 “As a leading clean energy financier and customer-focused institution, we’re pleased to support BayWa r.e., one of the leading developers and operators in the renewable energy space,” said Alain Halimi, an Executive Director of Nomura’s IPB. “We always focus on working with our clients to execute customized solutions that best fit their needs. We are excited to collaborate with BayWa r.e. for this unique and strategic financing”.

 According to Mercom’s Q1 2023 Solar Funding and M&A report, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022.