Rabobank closed a $100 million equipment supply loan (ESL) with Scout Clean Energy, a Colorado-based renewable energy developer, owner and operator managed by Brookfield Asset Management, a global, renewable power and decarbonization solutions company. The facility will be used to fund Scout’s equipment down payments.
Scout intends to upsize the facility to $200 million and bring in additional banks later in the year to continue to secure equipment supply for its near-term advanced stage pipeline of wind, solar and storage projects.
“This financing marks the continued maturation of Scout Clean Energy as a leading fully integrated renewables IPP,” John Clapp, chief financial officer at Scout Clean Energy, said.
Expanding the credit facilities is an important part of Scout’s overall strategy to reduce the cost of capital, allowing Scout to be as competitive as possible in the market and provide them with the financial flexibility to meet the development needs as they grow with the pipeline.
“Rabobank is pleased to finance Scout’s renewable energy equipment supply,” Claus Hertel, managing director of project finance at Rabobank Wholesale Banking North America, said. “This facility will accelerate its robust growth momentum and secure valuable equipment for its pipeline in wind, solar and storage. It is a testament to the strong relationship we have built with Scout since its inception and our steadfast commitment to banking the energy transition.”
“Scout is excited to strengthen our existing relationship with Rabobank who has consistently supported Scout’s growth over many years,” Clapp said. “With this new credit facility, we plan to aggressively push Scout’s growth pipeline in wind, solar and battery storage encompassing over 19,000 megawatts of planned renewable energy build across 22 states.”
