Hecate Energy secures US $ 550 m credit facility for solar, energy storage projects
Chicago-based Hecate Energy, a developer of renewable power projects and energy storage solutions in the United States, has recently announced the close of a five-year $550 million credit facility package, inclusive of a $250 million term loan and $300 million Letter of Credit facility to support further expansion of its solar and energy storage project pipeline.
The new credit facilities will be collateralized by Hecate Energy's ~35 GW pipeline of renewables development projects, along with its minority ownership interests in Hecate Grid.
The company claims that the latest credit facility in the commercial bank market was collateralized by its renewables development projects, without a guarantee or other credit support.
The proceeds from the term loan refinanced an existing loan facility, at a meaningfully lower cost to Hecate, and the LC facility enables Hecate to issue numerous grid interconnection and PPA LCs enabling it to achieve sales of 5 GW or more annually.
"Support from these leading international financial institutions validates Hecate's approach to renewables development and will accelerate our drive to deploy significantly more efficient, and cost-effective renewable energy and storage solutions across the United States," said Chris Bullinger, CEO of Hecate Energy.
"We are deeply appreciative of our banking partners who share our vision of a sustainable clean energy future", he added.
Hecate Energy is one of the leading developers of solar and wind generation facilities and energy storage solutions in North America. Currently, the company has a pipeline of over 35 GW, with over 125 projects across 10 power markets in North America.
Over the last eight years, Hecate Energy has executed more than 36 power project transactions, totaling more than 6,500 MW of capacity, according to the company.