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KeyBanc, Wells Fargo, Rabobank Arrange $50MM L/C Facility for Scout Clean Energy

April 27, 2021, 07:30 AM
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After recently completing its fourth utility-scale wind project, Scout Clean Energy, a Colorado based renewable energy developer, owner, and operator, established a $50 million letter of credit facility. The facility will primarily be used to provide letters of credit to support both existing and upcoming security requirements associated with new project interconnections and power purchase agreements for Scout's growing pipeline of renewable energy projects.

With KeyBanc Capital Markets as Coordinating Lead Arranger, along with Rabobank and Wells Fargo, each Joint Lead Arrangers, the corporate credit facility also offers the ability to upsize to $85 million in the future.

"Scout is proud to be building upon our existing relationship with Key and Rabobank who have strongly supported Scout's growth to date, and we are excited to now bring in Wells Fargo alongside them as a new lending partner," explained Michael Rucker, CEO of Scout. "This new credit facility will help accelerate Scout Clean Energy's growth pipeline in wind, solar and battery storage diversified across 13 states."

"This transaction further cements our relationship with Scout Clean Energy," proclaimed Aaron Klein of Key. "The issuance of the letter of credit facility demonstrates our confidence in Scout's ability to manage its existing operating portfolio and successfully execute on its growth plan over the coming years."

Scout has more 4,000 MW in its active project development pipeline across wind, solar PV, and battery storage spanning all major US markets and an operational portfolio of onshore wind energy generation of 843 MWs with projects in PJM, CAISO, ERCOT and SPP.

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