Scout Clean Energy, a renewable energy developer, owner, and operator, closed a $250 million revolving corporate credit facility.
The company intends to use the facility to fund pre-construction development and equipment expenses, PPA security requirements, and other corporate expenses for its growing pipeline of wind, solar, and storage projects.
The facility also offers an accordion feature that provides Scout with the potential flexibility to pursue additional opportunities in a well dynamic market. KeyBanc Capital Markets is acting as Mandated Lead Arranger.
Scout is a portfolio company of Quinbrook Infrastructure Partners. The company has over 12,000 MW in active development and more than 1,200 MW of renewable projects in operation in the U.S.
“With this new credit facility, we plan to push Scout’s growth pipeline in wind, solar aggressively and battery storage encompassing over 12,000 MW of planned renewable energy build across 21 states,” stated Michael Rucker, founder and CEO of Scout.
“The issuance of the corporate credit facility demonstrates our confidence in Scout’s ability to manage its existing operating portfolio and successfully execute on its growth plan over the coming years,” said Aaron Klein, Managing Director, KeyBanc Capital Markets.
According to Mercom’s Q4 2021 solar funding and M&A report, in 2021, announced debt financing came to $15.8 billion, a 91% increase compared to $8.3 billion raised during 2020. Record securitization activity was a key contributor to the rise in debt financing activity during 2021, with $3.7 billion in 13 deals.
In April 2021, Scout Clean Energy secured a $50 million letter of credit facility. The facility was used to provide letters of credit to support both existing and upcoming security requirements associated with new project interconnections and power purchase agreements for Scout’s growing pipeline of renewable energy projects.