Moving forward on its US pipeline, BayWa r.e., the German renewable energy company, has secured a $115 million credit facility from global financial services firm Nomura to support its 1.1 GW utility scale solar and 188 MWh battery storage projects.
This financing will initially support this capacity spread across the states of North Carolina, Illinois, Kentucky, Arkansas, and Washington, among others. These are scheduled to come online between 2024 and 2026.
The company plans to add more projects to the portfolio which will lead to the credit facility being upsized in the coming months, it added.
"This credit facility contributes to BayWa r.e.'s strong financial outlook and enables the acceleration of our pipeline growth in key markets supported by the Inflation Reduction Act," said BayWa r.e. Solar Projects LLC CEO, Fred Robinson.
BayWa counts its current US solar and storage projects pipeline as adding up to over 9 GW.
In March, BayWa Group announced a strategic decision to sell its international solar product distributions business called Solar Trade with the view to raising capital for project business and is looking for a suitable buyer as the company wants to focus and announced plans to triple the volume of its current project business by 2026 and expand the independent power producer (IPP) portfolio to 3 GW. Proceeds from this divestment of the solar trading business will be reallocated to achieving these strategic objectives, the management stated (see BayWa To Offload International Solar Trading Business).
Recently BayWa's Tomaso Charlemont attended TaiyangNews' Virtual Conference on Solar & Sustainability, where he discussed revamping and repowering as ways to boost sustainability and profitability of PV power plants. A recording of his presentation is available here and those from other participants can be seen here.