Greenbacker Renewable Energy Company has successfully secured a $437mn financing package to support the repowering of its key utility-scale onshore wind assets in Iowa and Minnesota.
📍 Project Details:
-- Elk Wind Asset: 42.5 MW, Iowa
-- Hawkeye Wind Project: 37.5 MW, Iowa
-- Community Wind South Project: 30 MW, Minnesota
💼 Innovative Financing Structure:
– Composition: The financing includes $355.7mn in long-term debt and tax equity from Huntington National Bank through sale-leasebacks, complemented by $81.5mn in construction bridge loans from BayernLB.
– Strategic Benefit: The structure allows Greenbacker to receive more funds upfront, while combining the advantages of tax equity financing and back leverage lending into a single deal.
📈 Enhanced Investment Tax Credit (ITC): Projects benefit from a 40% ITC, combining the standard 30% with an additional 10% for using domestically manufactured components, promoting local industry and sustainable practices.
📊 Broader Financial Activity: This deal marks the largest US-based financing for Greenbacker, following significant investments in other renewable projects like the $92mn debt Holtville BESS and the $148mn loan for the 200 MW Appaloosa I solar farm.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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