BayWa r.e. Secures $115M Credit Facility to Support Late-Stage Solar+Storage Projects

Funding will support BayWar.e.'s efforts to advance its pipeline across the U.S.

IRVINE, Calif., May 2, 2023 /PRNewswire/ -- BayWa r.e. has secured a $115-million credit facility with global financial services firm Nomura to support the development of utility-scale solar and solar+storage projects as it continues to grow its footprint in the U.S. clean energy market.

The credit facility will initially support projects totaling 1.1 GW of solar and 188 MWh of battery storage in several states including North Carolina, Illinois, Kentucky, Arkansas, and Washington. The projects will be brought online starting in 2024 through 2026.

"We are excited to be partnering with Nomura to deploy clean, reliable energy at a time when there is a critical need for capacity," said Fred Robinson, CEO at BayWa r.e. Solar Projects LLC. "This credit facility contributes to BayWa r.e.'s strong financial outlook and enables the acceleration of our pipeline growth in key markets supported by the Inflation Reduction Act. We are committed to our ongoing collaboration with like-minded, sustainability-driven partners to develop groundbreaking financing solutions that will accelerate the adoption of clean energy throughout the United States."

The credit facility includes a revolving credit facility and letter of credit to provide financing for the expansion of projects across a number of jurisdictions. Nomura was the lead arranger of the credit facility, Skadden acted as counsel for BayWa r.e. in the transaction, and Norton Rose Fulbright represented the lenders.

"Nomura is excited to provide its global intellectual and financial capital by providing a bespoke financing solution to BayWa r.e. in an effort to support its growth in the United States," commented Vinod Mukani, Global Head of Nomura's Infrastructure and Power Business ("IPB"). "As a global leader in the cleaner energy market, BayWa r.e. is an ideal client for Nomura and we are excited to continue to support their efforts in growing their renewable pipeline."

"As a leading clean energy financier and customer-focused institution, we're pleased to support BayWa r.e., one of the leading developers and operators in the renewable energy space," said Alain Halimi, an Executive Director of Nomura's IPB. "We always focus on working with our clients to execute customized solutions that best fit their needs and we are excited to collaborate with BayWa r.e. for this unique and strategic financing".

As additional projects are added to the portfolio, the credit facility is expected to be upsized in the coming months.

About BayWa r.e. Solar Projects LLC

BayWa r.e. Solar Projects LLC is a leading, fully integrated utility-scale solar developer in North America—overseeing all aspects of development from site origination through long-term operations and asset management. Headquartered in Irvine, California, we currently have a pipeline of solar and storage projects totaling over 9 GW across the US. Since 2014, we have brought over 1GW online and manage over 500 MW. We value long-term partnerships and work closely with local communities and organizations to fund workforce development trainings and scholarship programs, support natural disaster relief efforts, and integrate sustainability and biodiversity measures into our project plans. For more information, visit https://us.baywa-re.com/en/solar/

About Nomura

Nomura is a global financial services group with an integrated network spanning over 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Retail, Investment Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com

SOURCE BayWa r.e.