Deutsche Bank, Landesbank Hessen-Thüringen (Helaba) and Norddeutsche Landesbank (NORD/LB), along with existing lenders, expanded 8minute Solar Energy‘s $225 million revolving credit facility to $350 million.
“Over the last year, 8minute has been very successful in growing and contracting our best-in-class portfolio through ‘smart’ solar-plus-storage power plants that are the lowest-cost, most reliable way to decarbonize our electrical grid,” Dr. Tom Buttgenbach, founder and CEO of 8minute, said. “This additional financing is not only a strong testament to the demand for 8minute’s technological leadership, but also a sign that lenders are moving away from risky and volatile fossil fuel infrastructure toward the predictability of clean energy.”
CIT acted as sole coordinating lead arranger, with KeyBanc Capital Markets, HSBC, Rabobank and Nomura acting as joint lead arrangers on the initial facility to 8minute in May. 8minute is using the facility to post securities for its power purchase agreements and interconnection agreements.
Latham & Watkins represented 8minute and Norton Rose Fulbright represented the lenders.
8minute Solar is a solar energy company.