Greenbacker Renewable Energy Secures $37.6 Million Credit Agreement with Fifth Third Bank
Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company, entered into a credit agreement of up to $37.6 million with Fifth Third Bank to support the ongoing expansion of its investments in solar operating facilities.
In addition to an initial term loan of $4.3 million, the lender has provided a revolving credit facility that will convert to a term loan facility, in the total principal amount of up to $33.3 million, in July 2017. The credit facility bears interest at LIBOR plus 3.5 percent, with a final maturity date of July 2021.
“We are extremely pleased to secure a credit facility which will enable us to further expand our alternative energy investment portfolio,” said Charles Wheeler, chief executive officer of Greenbacker. “We continue to seek high quality alternative energy assets, and this facility provides Greenbacker additional flexibility in acquiring power generation assets to provide a diversified revenue stream, leading to more predictable returns for our investors.”
The company was advised by Bostonia Partners LLC, a boutique investment banking firm based in Boston.
Greenbacker Renewable Energy Company LLC invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. The company commenced its initial public offering in April 2014, and raised approximately $109.5 million in investor equity, as of June 22, 2016, according to a recent filing with the Securities and Exchange Commission.