CleanCapital closed a credit facility of up to $200 million to support its pipeline of distributed solar and energy storage projects. Rabobank will act as mandated lead arranger, administrative agent and collateral agent for the facility. The facility is structured with an accordion and will grow over time to accommodate CleanCapital’s expanding portfolio of operating solar assets.

The initial anchor portfolio comprises 35 solar assets across 11 states, with a total capacity of 29 megawatts. The facility can accommodate a range of offtake types, including utility offtake, C&I PPAs, net metering and community solar.

“As CleanCapital continues to expand its portfolio, efficiency and speed on the financing side will be key to our success,” Melinda Baglio, chief investment officer and general counsel at CleanCapital, said. “This facility will enable us to be even more responsive to market opportunities, further cementing CleanCapital’s reputation as a leader in deploying capital into this segment.”

“CleanCapital is one of the leading distributed generation players in the U.S. and this facility provides the company with a flexible financing vehicle through which it can meet its portfolio growth targets,” Claus Hertel, managing director of project finance at Rabobank, said. “Rabobank is pleased to have structured a financing to allow CleanCapital to build out its portfolio in the distributed sector, an increasingly important space to support decarbonization goals and an identified area of growth for Rabobank.”

Kirkland & Ellis acted as legal counsel to CleanCapital and Norton Rose Fulbright advised Rabobank. Investment Bank Javelin Capital acted as advisor to CleanCapital on the transaction.