$821.5 Million in Sustainability-linked Credit Facilities Acquired by Clearway
SAN FRANCISCO — Clearway Energy Group (“Clearway”), a leader in renewable energy and owner of one of the largest fleets of non-regulated renewable energy assets in the United States, announced a significant financial milestone today. The company has successfully secured corporate credit facilities totaling $821.5 million, reinforcing its commitment to expanding renewable energy solutions.
“This financing positions Clearway exceptionally well to advance our development pipeline of more than 30 gigawatts, allowing us to expand upon our already robust track record of delivering solar, wind, and battery storage projects across the nation,” said Max Gardner, Treasurer and Vice President of Corporate Finance at Clearway. “We are grateful to our financial partners for their continued confidence and support of our innovative and progressive business strategy.”
The comprehensive corporate sustainability-linked credit facilities comprise three main components:
- A $300 million revolving credit facility, providing flexible access to funds for various needs.
- A $171.5 million Green term loan, designated specifically for environmentally friendly initiatives.
- A $350 million letter of credit facility, ensuring financial stability for both present and future endeavors.
These funds are poised to propel Clearway’s mission to accelerate the transition to clean energy across the U.S.
Natixis Corporate & Investment Banking (Natixis CIB) played a key role in these transactions, acting as coordinating lead arranger, as well as lead sustainability and lead green loan coordinator. Canadian Imperial Bank of Commerce (CIBC Capital Markets) acted as passive sustainability and passive green loan coordinator. Other major participants in this landmark deal included Banco Santander, S.A., New York Branch, BNP Paribas, Canadian Imperial Bank of Commerce, New York Branch, Desjardins Group, Keybank Capital Markets Inc., MUFG Bank, Ltd., National Australia Bank Limited, Sumitomo Mitsui Banking Corporation (SMBC), the Toronto-Dominion Bank, New York Branch, and Truist Securities.
Clearway’s growing impact in the renewable energy sector is marked by its diverse portfolio of offerings. The company provides renewable power under long-term offtake contracts to various sectors including corporate, residential, and wholesale customers. Its customer base spans utilities, municipalities, cooperatives, and competitive retail providers.
With a staggering 30-gigawatt pipeline that includes solar, wind, and battery storage projects, Clearway’s reach extends across 28 states. This significant investment further solidifies Clearway’s commitment to leading the way in renewable energy innovation, affordability, and accessibility, cementing its position as a major player in the clean energy transition.
In a world increasingly focused on sustainability and environmental responsibility, Clearway’s latest financial achievement not only underscores its leadership in the field but also demonstrates a clear path forward for others in the industry to follow. The investment aligns perfectly with the global push towards greener, more sustainable living, and highlights Clearway’s continued dedication to providing cleaner energy solutions for a better future.