Eolian Gets $925 Million Renewable Energy Financing

Global Infrastructure Partners’ (GIP) portfolio company Eolian has announced the closing of a $925 million renewable energy financing. Eolian announced it in collaboration with Banco Santander, Natixis, MUFG and Mizuho.

The official statement of the Eolian said that the structured transaction will further advance multiple strategies already underway as the Eolian team rapidly accelerates the deployment of cost-effective decarbonizing technologies across the US.

Banco Santander acted as the Agent Bank, Joint Lead Arranger and Bookrunner for Eolian in the unique financing. It stated that such a vastly diversified portfolio of high-quality renewable assets at this scale is so difficult to assemble. “We would like to congratulate the Eolian and GIP teams for this achievement. Santander looks forward to further supporting Eolian and GIP as they execute their ambitious growth strategy for this one-of-a-kind platform,” said Nuno Andrade, Head of Structured Finance US, Banco Santander.

Natixis held that the financing leverages the unique strengths of the Eolian business model. “This transaction is reflective of our commitment to climate change mitigation across the suite of our banking products, and deploys our unique Green Weighting Factor methodology that is designed to promote financing transactions that have a positive climate impact,” said Nasir Khan, Head of Infrastructure and Energy Finance, Natixis Corporate & Investment Banking.

This was Natrixis’ second financing with Eolian, and follows their bilateral $100mm LC facility that closed in November last year.

Mizuho said that it will collaborate in the mission of Eolian to develop renewable energy solutions nationwide. “Partnering with infrastructure developers and financial sponsors that have a major impact on energy transition to counter climate change is a core tenant of our Investment & Corporate Banking strategy,” said Paul McNutt, Head of Power, Energy & Infrastructure, Mizuho Americas.

For GIP, the funding for Eolian, with its 16 GW of operating assets is a continued vindication of its picks in the renewable sector. It has a portfolio firm, Vector Green in India also.