National Grid’s Emerald Energy Venture LLC joint venture has secured a $150 million portfolio revolving facility, with a feature that will allow an increase to $250 million beginning in mid 2022, to support the growth of its U.S. renewable energy portfolio. The new financing will support the construction of solar, battery storage and wind projects being developed by National Grid Renewables.
The financing, which will bundle several renewable energy projects, is expected to help fund part of the construction of an estimated 1.05 GW of clean energy generation capacity.
“Adding more renewable energy to the grid is just one of the many ways in which National Grid is supporting the transition towards a cleaner energy landscape,” says Alexandra Lewis, group treasurer of National Grid. “This new green facility will help accelerate the work National Grid Renewables is doing in the renewable energy space in the U.S., which not only generates significant environmental benefits, but also drives economic activity and creates green jobs in communities across America.”
SMBC structured this portfolio revolving facility and will act as a lead arranger, bookrunner, green loan coordinator, collateral and administrative agent.
“Sustainability-linked business – and green energy, in particular – has and continues to be the cornerstone of our business globally as we strive to support our clients in promoting and creating positive social, economic and environmental change,” says Carl Adams, executive officer and deputy head of SMBC Americas. “We are proud to have partnered with National Grid on the successful origination of this unique transaction, which embodies what we want to achieve in the market.”
/cloudfront-us-east-2.images.arcpublishing.com/reuters/3CNDG2AWTVJKNP6AAPIZ6NWTEA.jpg)
