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."
About Greenbacker Renewable Energy Company LLC
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded Limited Liability Company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in Greenbacker's expectations.
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SOURCE Greenbacker Renewable Energy Company LLC