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Fifth Third Provides $37.55MM Facility to Greenbacker Renewable Energy

July 13, 2016, 08:01 AM
Filed Under: Energy

Greenbacker Renewable Energy Company announced that through a wholly-owned subsidiary it entered into a credit agreement of up to $37.55 million with Fifth Third Bank to support the ongoing expansion of Greenbacker's investments in solar operating facilities. In addition to an initial term loan of $4.3 million term loan, the Lender has provided a revolving credit facility that will convert to a term loan facility, in the aggregate principal amount of up to $33.25 million 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."

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. 

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