National Grid announced that its Emerald Energy Venture, a joint venture, has secured an innovative $150 million portfolio revolving facility, with an accordion feature that will allow an increase to $250 million beginning in mid-2022, to support the growth of its renewable energy portfolio in the United States.
The new financing will support part of the construction of a mix of solar, battery storage and wind projects being developed by National Grid Renewables, the company’s competitive renewable energy arm.
This novel facility will bundle several renewable energy projects together to provide economies of scale and operational efficiencies. It was structured under National Grid’s Green Financing Framework, evidencing National Grid’s strong commitment to advance a cleaner energy system.
“Adding more renewable energy to the grid is just one of the many ways in which National Grid is supporting the transition towards a cleaner energy landscape,” said Al