BayWa r.e. Raises $115 Million Afresh For Solar+Storage Projects

North American solar developer BayWa r.e. has secured a $115-million credit facility with global financial services firm Nomura to support the development of utility-scale solar and solar+storage projects in the United States.

BayWa r.e. said that the credit facility will initially support projects totaling 1.1 GW of solar and 188 MWh of battery storage in states including North Carolina, Illinois, Kentucky, Arkansas, and Washington.

The credit facility includes a revolving credit facility and letter of credit to provide financing for the expansion of projects across a number of jurisdictions. Nomura was the lead arranger of the credit facility.

The projects will be brought online by BayWa r.e. starting in 2024 through 2026. Fred Robinson, CEO at BayWa r.e. Solar Projects, stated, ” We are committed to our ongoing collaboration with like-minded, sustainability-driven partners to develop groundbreaking financing solutions that will accelerate the adoption of clean energy throughout the United States.”

“Nomura is excited to provide its global intellectual and financial capital by providing a bespoke financing solution to BayWa r.e. in an effort to support its growth in the United States,” commented Vinod Mukani, Global Head of Nomura’s Infrastructure and Power Business.

He added, “As a global leader in the cleaner energy market, BayWa r.e. is an ideal client for Nomura and we are excited to continue to support their efforts in growing their renewable pipeline.”

“As a leading clean energy financier and customer-focused institution, we’re pleased to support BayWa r.e., one of the leading developers and operators in the renewable energy space,” said Alain Halimi, an Executive Director of Nomura’s IPB.

As additional projects are added to the portfolio, the credit facility is expected to be upsized in the coming months.

BayWa r.e., recently built central Europe’s largest floating solar PV array covering an area of 14 hectares on two artificial lakes in Austria and the project has a capacity of 24.5 MWp.