Clearway Energy Group, a developer and operator of clean energy projects, secured over $1 billion in corporate credit funding, with Natixis Corporate and Investment Banking (Natixis CIB) acting as coordinating lead arranger and administrative agent for the financing.
The funding consists of a $400 million revolving credit facility, a $350 million letter of credit facility, and a $169 million term loan. Natixis CIB also provided an additional $100 million letter of credit facility.
Additional banks participating in these fundings include Joint Lead Arrangers Canadian Imperial Bank of Commerce, KeyBank, MUFG Bank, National Australia Bank, Royal Bank of Canada, and Societe Generale, as well as Mandated Lead Arrangers Banco Bilbao Vizcaya Argentaria, Cooperatieve Rabobank, DNB Capital, Desjardins Group, and Truist Bank, along with participating lenders Banco Santander and The Toronto-Dominion Bank.
“This upsized financing underscores Clearway’s outstanding track record of development execution and is underpinned by solid fundamentals that drive our business today. These facilities provide us with the financial headroom and flexibility we need to grow and capitalize on the opportunities ahead of us. We thank Natixis and our financial partners for their continued confidence, partnership, and support of our business,” said Max Gardner, Treasurer and Senior Vice President of Corporate Finance at Clearway.
Clearway provides renewable power under long-term offtake contracts to corporate, residential, and wholesale customers, including utilities, municipalities, cooperatives, and competitive retail providers. The company’s 30 GW pipeline includes solar, wind, and battery storage across 28 states.
According to Mercom’s Q1 2025 Solar Funding and M&A report, debt financing for the solar sector reached $3.5 billion across 23 deals, a 45% drop compared to the $6.4 billion secured in the same number of deals in Q1 2024.
In May, Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, secured a multi-currency credit facility valued at up to $415 million. This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley. Banco Santander acted as the Global Financial Advisor.
