8minutenergy Renewables, LLC (“8minutenergy”), the largest independent solar developer in the U.S., today announced that it has secured a $21 million USD letter of credit facility with Rabobank, a premier global bank to the international food and agriculture industry, as well as a leading financier of solar, wind, bioenergy, and energy infrastructure projects.
The purpose of the credit facility is to enable 8minutenergy’s utility-scale solar development activities across North America, including supporting the execution of Power Purchase Agreements and Interconnection Agreements associated with projects in various stages of development.
“We are thrilled to be part of the Rabobank network, and to work directly with one of the world’s top project finance lenders in order to accelerate our pipeline and development goals,” said Martin Hermann, CEO and Founder of 8minutenergy. “We commend Rabobank for their progressive approach, and for structuring an innovative credit facility that is secured by cash-flow generating assets held by 8minutenergy. The result of our collaboration will ensure clean solar energy for hundreds of thousands of Americans.”
“Rabobank is very pleased to initiate a relationship with 8minutenergy with the execution of this innovative transaction, which supports 8minutenergy’s deep and valuable development pipeline. 8minutenergy has an impressive reputation over many years as developer of the largest and best utility scale solar projects. We look forward to providing additional capital to leverage these development skills,” said Thomas Emmons, Head of Project Finance at Rabobank North America Wholesale.
“This is an exciting time for 8minutenergy, as we expand operations outside of California into Texas and the Southeast. Utilizing Rabobank’s credit facility will be instrumental to our continued growth, and we look forward to a long-term partnership,” commented Tom Buttgenbach, President and Co-Founder of 8minutenergy.
About Rabobank Group
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, real estate, and renewable energy project financing in 45 countries. Founded over a century ago, Rabobank is one of the largest banks in the world, with approximately $750 million in assets and operations in more than 40 countries. In the Americas, Rabobank is a premier bank to the food and agriculture industry, as well as a leading financier of solar, wind, bioenergy, and energy infrastructure projects, providing in-depth knowledge and expertise as well as full arranging, underwriting and syndication capabilities. Since entering the American renewable energy arena in 2009, Rabobank has financed more than 6GW of renewable energy projects.
About 8minutenergy Renewables, LLC
Founded in 2009, 8minutenergy Renewables is the nation’s largest independent developer of solar PV projects. To date, 8minutenergy has been awarded more than 1.5 gigawatts in power purchase agreements, and is developing some of the largest solar projects in the world, including the 800 MW Mount Signal farm in California. 8minutenergy has an unmatched ability to produce affordable clean energy and to deliver strong financial returns on utility-scale solar projects.