Renewable energy company BayWa r.e. has received a credit facility of $115m to expand its footprint in the US clean energy market.

Financial services company Nomura is the lead arranger of the facility, which includes a revolving credit facility as well as a letter of credit.

The company will utilise the credit facility to develop utility-scale solar and solar-plus-storage projects.

The funds will initially support the construction of 1.1GW of solar and 188MWh of battery storage facilities across states including North Carolina, Illinois, Kentucky, Arkansas and Washington.

These projects are set to come online between 2024 and 2026.

BayWa r.e. solar projects CEO Fred Robinson stated: “This credit facility contributes to our strong financial outlook and enables the acceleration of our pipeline growth in key markets supported by the Inflation Reduction Act.

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“We are committed to our ongoing collaboration with like-minded, sustainability-driven partners to develop groundbreaking financing solutions that will accelerate the adoption of clean energy throughout the US.”

Skadden served as counsel for BayWa r.e. in the deal, while Norton Rose Fulbright represented the lenders.

Nomura Infrastructure and Power Business global head Vinod Mukani stated: “Nomura is excited to provide its global intellectual and financial capital by providing a bespoke financing solution to BayWa-r.e. in an effort to support its growth in the US.

“As a global leader in the cleaner energy market, BayWa r.e. is an ideal client for Nomura and we are excited to continue to support their efforts in growing their renewable pipeline.”