Greenbacker Renewable Energy Company (GREC) has entered into a senior credit agreement of $76.3 million with joint lead arrangers Fifth Third Bank, National Association and PNC Capital Markets LLC. Morgan Stanley Renewables Inc. served as tax equity investor. Fifth Third Bank also served as administrative agent.
Greenbacker will use the credit facility to expand its Celadon portfolio of solar projects, which comprises 36 projects, both pre-operational and operational. The portfolio totals 107 megawatts of direct current (MWdc) of clean energy–generation capacity across 12 states and Washington, D.C.
All of the portfolio's projects either entered commercial operations in 2021 or will reach that stage in 2022. The projects all have long-term contracts in place to sell power to offtakers diversified across municipalities, utilities and co-ops, commercial and industrial customers, and universities. Approximately 93 percent of the portfolio’s offtakers have investment-g