NEW YORK, July 12, 2016 /PRNewswire/ -- Greenbacker Renewable Energy Company LLC ("Greenbacker") announced today that through a wholly-owned subsidiary it entered into a credit agreement of up to $37,550,000 (the "Credit Facility") with Fifth Third Bank (the "Lender") to support the ongoing expansion of Greenbacker's investments in solar operating facilities. In addition to an initial term loan of $4,300,000, the Lender has provided a revolving credit facility that will convert to a term loan facility, in the aggregate principal amount of up to $33,250,000, in July 2017. The Credit Facility bears interest at LIBOR plus 3.50%, with a final maturity date of July 2021. Greenbacker was advised by Bostonia Partners LLC, a boutique investment banking firm based in Boston, MA, in this transaction.
"We are extremely pleased to secure a credit facility which will enable us to further expand our alternative energy investment portfolio." stated Charles Wheeler, CEO 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."