Rabobank, a global food and agribusiness bank and a financier of the energy transition, closed a credit facility for Pathway Power designed to support renewable energy projects looking to connect to the U.S. electricity grid.
The facility will support the development of Pathway Power’s 6-gigawatt pipeline of solar and storage projects in major electricity markets across the United States.
“This innovative letter of credit facility enables Pathway to advance a significant pipeline of renewables and battery storage projects through Independent System Operator (ISO) interconnection queues across America under an efficient, flexible structure,” Bill Gulley, managing partner and chief investment officer at Pathway, said. “The Pathway team is excited to work with the outstanding energy transition and project finance teams at Rabobank again.”
“We’re thrilled to collaborate with Pathway Power to structure a bespoke facility to advance its robust pipeline of development projects in a cost-efficient way while insulating Rabobank from development risk,” senior banker Josh Dale, head of energy transition coverage at Rabobank, said.
Norton Rose Fulbright served as Rabobank’s legal counsel. Foley & Lardner served as legal counsel to Pathway Power.
