Greenbacker Enters into $92 Million Financing Agreement with BMO

Greenbacker Capital Management has crafted a 92 million-dollar arrangement with BMO via a subsidiary financial entity. BMO performed both as lender and as managing representative for the pact. Wilmington Trust acted as a guarantor of security and oversaw the accounts. This financing package includes a construction loan, a tax equity bridge loan, a term loan commitment and a letter of credit facility. These funds will be used to construct the Holtville BESS, which is expected to have a power capacity of 30 MW and a storage capacity of up to 120 MWh. There is also a long-term contract with an investment-grade buyer for the project. A loan is helping to finance the development of multiple solar energy systems in the northeastern part of the U.S. The entire portfolio of projects is intended to become operational in the near future. Holtville is adhering to the Equator Principles, a set of standards developed by BMO and other members of the finance industry, so as to properly evaluate any environmental and social implications of the projects backed. Stoel Rives provided Greenbacker with advice on the agreement. Paul Hastings acted as a legal consultant to BMO. Bryan Cave Leighton Paisner’s guidance was sought by Wilmington Trust.