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Greenbacker Secures $186 Million Credit Agreement With KeyBank and Fifth Third Bank

Financing to support construction of two of Greenbacker’s largest solar farms

Greenbacker Secures $186 Million Credit Agreement With KeyBank and Fifth Third Bank

Financing to support construction of two of Greenbacker’s largest solar farms

Published 09-16-22

Submitted by Fifth Third Bancorp

NEW YORK, September 16, 2022 /CSRwire/ - Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading green energy investment company and independent power producer, has entered into a senior credit agreement of $186.2 million with KeyBank N.A. and Fifth Third Bank. KeyBank served as administrative agent for the lenders, and KeyBanc Capital Markets and Fifth Third Bank, National Association served as joint lead arrangers.

The transaction is one of Greenbacker’s largest standalone debt financings to date, providing a construction loan facility to build two of the biggest solar projects in company history.

The MTSun and Fall River solar farms—which make up GREC’s Ponderosa portfolio—are each 80 MWac, and rank among the company’s five largest clean energy projects. Both assets have long-term power purchase agreements in place with local investment-grade utilities, MTSun with Northwestern Energy and Fall River with Black Hills Power, Inc., supporting Greenbacker’s strategy of owning renewable energy assets with reliable long-term revenue.

"We're thrilled to partner with KeyBank and Fifth Third Bank on this senior credit agreement to build projects that will drive a clean energy future in a very real way,” said Spencer Mash, CFO of GREC. “Once complete, they’ll deliver cheaper renewable energy to tens of thousands of households across Montana and South Dakota.”

The annual solar energy produced by the pair of utility-scale projects is expected to power over 34,000 homes across the two states, while offsetting over 260,000 metric tons of carbon emissions.[1]

“The Ponderosa transaction illustrates our ongoing commitment to grow the renewable energy industry by deploying capital in high-quality assets,” said, Gregory Berman, Director, Utilities Power & Renewables at KeyBanc Capital Markets. “This represents our seventh financing with Greenbacker, and we look forward to supporting their continued growth as a leader in the energy transition.”

The two assets are located in Yellowstone County, MT and Fall River County, SD, respectively, where they will be among the largest solar energy facilities in their states.

“Fifth Third Bank’s commitment to financing renewable energy technologies is well-known and steadfast,” said Kyle Kuhn, Renewable Energy Executive Director, Fifth Third Bank. “We are pleased to be a part of this milestone transaction with Greenbacker that will support the clean energy transition.”

Greenbacker was advised on the deal by Sheppard, Mullin, Richter & Hampton; Winston & Strawn represented the lenders.

***

About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contract to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com.

About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $40 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 700 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.

About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2022, the Company had $207 billion in assets and operates 1,080 full-service Banking Centers, and 2,153 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 56,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2022, had $512 billion in assets under care, of which it managed $54 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB."

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

Media contacts:

Greenbacker
Chris Larson
Senior Writer & Media Communications
847.313.9035
c.larson@greenbackercapital.com

KeyBank
Laura Mimura
Corporate Communications
216.471.2883
laura.mimura@key.com

Fifth Third Bank
Stacie Haas
Senior Communications Strategist
513.534.5113
Stacie.Haas@53.com

[1] EPA Greenhouse Gas Equivalencies Calculator.

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