Sustainability Trends

On December 20, 2024, KeyBanc Capital Markets Inc. (KBCM) closed $605 million in Senior Secured Credit Facilities (the Facilities) for Clearway Energy Group’s (CEG) Honeycomb Battery Energy Storage Systems (BESS) project. Honeycomb includes four BESS projects in Iron and Beaver Counties, UT. The Facilities consist of $334 million in Construction Loans, $190 million in Tax Equity Bridge Loans, $64 million in PPA LCs, and $17 million in Debt Service Reserve LCs. The proceeds will be used to fund the construction and operating periods of the project. KBCM served as Coordinating Lead Arranger, Administrative Agent, Depositary Agent, and Collateral Agent. 

The Honeycomb Portfolio is a 320 MW battery energy storage system that will deliver cost-effective, reliable, and dispatchable energy for the PacifiCorp service area, supplementing existing solar facilities in the WECC power market. Each of the four 80-megawatt (MW) projects will use four-hour Tesla batteries and collectively store up to 1,280 MWh of dispatchable power.  It will generate revenue through a 20-year tolling agreement with PacifiCorp. 

This represents the nineteenth transaction between CEG and KBCM.

KeyBanc Capital Markets, Inc. (KBCM) served as the exclusive sell-side advisor on the sale of a portfolio of Maine community solar assets to Altus Power. The portfolio was developed through a joint venture between BNRG Renewables, Impax Asset Management, and Dirigo Solar. This transaction represents KBCM’s fifth Maine portfolio transaction and the second transaction representing the joint venture.

About Impax Asset Management
Founded in 1998, Impax is a specialist asset manager with approximately $42.7 billion as of December 31, 2024, in listed and private markets strategies, investing in the opportunities arising from the transition to a more sustainable global economy. The Company has approximately 300 employees in the United Kingdom, the United States, Ireland, Denmark, Hong Kong, and Japan, making it one of the investment management sector’s largest investment teams dedicated to sustainable development.

About BNRG Renewables:
Since 2007, BNRG has been at the forefront of the renewable energy industry. The company specializes in developing, constructing, and operating grid-scale solar photovoltaic (PV) and battery storage projects. From the company’s headquarters in Dublin, Ireland, and offices in the U.S. and Australia, BNRG’s diverse team is dedicated to advancing clean energy solutions. BNRG currently operates in five Organization for Economic Cooperation and Development (OECD) countries and continues to expand its global presence.

About BNRG Maine (d/b/a BNRG Dirigo)
BNRG Maine, doing business as BNRG Dirigo, is a joint venture led by BNRG and Dirigo. As a Maine-based developer of community and utility-scale solar power plants, BNRG Dirigo leverages technology cost reductions to lower the cost of power for Maine homeowners and businesses, with locally generated clean energy that helps revitalize rural communities. Since 2015, BNRG Dirigo has developed a portfolio of more than 350 megawatts (MW) of distributed and utility-scale solar PV in Maine, with nearly 100 MW in operation.

About Altus Power
Altus Power, based in Stamford, Connecticut, is the largest commercial-scale provider of clean electric power serving commercial, industrial, public sector, and community solar customers with end-to-end solutions. Altus Power originates, develops, owns, and operates locally sited solar generation, energy storage, and charging infrastructure across the nation.

On November 26, 2024, KeyBanc Capital Markets (KBCM) successfully closed $179.1 million in Senior Secured Credit Facilities (the Facilities) for rPlus Energies for the Pleasant Valley Solar 2 project (PVS2 or the Project). This Project is in Ada County, Idaho, adjacent to the Pleasant Valley Solar 1 project, which was developed by rPlus Energies and constructed in 2023. The PVS2 Facility comprises $97.4 million in Construction Loans, $63.4 million in ITC Bridge Loans, and $18.3 million in PPA LCs. Proceeds will be used to fund the construction and operating periods of the Project. KBCM acted as Coordinating Lead Arranger, Joint Bookrunner, Collateral Agent, and Depositary Agent.

The Pleasant Valley Solar 2 is a 125 MW_AC/163 MW_DC utility-scale solar project. It is scheduled to achieve commercial operation in the second quarter of 2026 and will generate revenue under a 20-year busbar-settled power purchase agreement with Idaho Power.

This financing marks the second transaction between rPlus Energies and KBCM. In July 2024, KBCM successfully closed senior secured credit facilities for Green River Energy Center.

About rPlus Energies
Founded in 2018, rPlus Energies is an experienced solar, storage, and wind developer based in Salt Lake City, Utah, with a development pipeline of more than 15 gigawatts (GW). Since its establishment, rPlus Energies has successfully developed more than 1.4 GW of solar and wind projects across Utah and Idaho, all of which are either operational or under construction. rPlus Energies is backed by Sandbrook Capital, a private investment firm with more than $2.1 billion in equity commitments focused on investing in leading renewable energy and sustainable infrastructure platforms throughout North America and Europe, and the Gardner Group, a leading Salt Lake City-based full-service real estate developer with an expansive real estate portfolio consisting of 10+ million square feet of commercial and medical building space and 2,500 residential lots.

On November 1, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $1.23 billion in Senior Secured Credit Facilities to support Copia Power’s Centennial Flats utility-scale solar plus energy storage project. The financing includes a $898 million construction-to-term loan, a $257 million tax-credit bridge loan, and $74 million in letters of credit. Proceeds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger.

Centennial Flats is a 675 megawatt direct current (MW_DC)  solar + 1,068 megawatt hour (MWh) energy storage project in La Paz County, Arizona, and will interconnect to the California ISO-market. Developed with tier-1 equipment, Centennial Flats will be constructed in three phases beginning in Q4 2024, with commercial operations expected in Q3 2026. The project is expected to create more than 400 jobs during construction.     

This represents the third transaction between Copia Power and KBCM.

About Copia Power
Copia Power is a renewable energy infrastructure platform launched by The Carlyle Group (NASDAQ: CG) in March 2021. Created with the acquisition of Tenaska’s 6 gigawatt (GW) solar and energy storage pipeline, Copia Power's goal is to become a leading, integrated energy transition platform specializing in developing, owning, and operating giga-scale projects in select U.S. markets. The company is led by industry veterans with extensive shared experience in developing, commercializing, constructing, and operating more than 10 GW of renewable energy projects. Since its launch, Copia Power has built a robust 18+ GW development pipeline across the U.S. with an additional 1.5 GW of projects beginning construction in the past 12 months.

On October 24, 2024, KeyBanc Capital Markets Inc. (KBCM) closed $870 million in Senior Secured Credit Facilities supporting Greenbacker Renewable Energy Company’s (GREC) utility-scale solar project, Cider. The financing includes a $373 million construction-to-term loan, a $418 million tax-equity bridge loan, and $79 million in letters of credit. The funds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, Depositary Agent, and Co-Documentation Agent.

Based in Genesee County, New York, the Cider solar project will generate a total of 674 megawatts direct current (MW_DC)/megwatt alternating current (MW_AC), making it the largest utility-scale solar farm in the state when completed. Expected to reach commercial operation in Q1 2027, the project is anticipated to power more than 120,000 homes. It has secured a 20-year contract with the New York State Energy Research and Development Authority (NYSERDA).

In addition to providing clean, affordable, renewable energy, Cider will deliver significant community benefits, including tax revenue for local governments and schools, funding for first responders and the public library, job creation, and support for local businesses.

This represents the 10th transaction between GREC and KBCM.

About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company (GREC) is a publicly registered, non-traded limited liability company that acquires and manages income-generating renewable energy and other energy-related businesses. GREC’s portfolio is primarily comprised of wind, solar, and storage projects that sell power and renewable energy credits under long-term contracts to creditworthy counterparties such as utilities, municipalities, and corporations.

KeyBanc Capital Markets, Inc. served as exclusive sell-side advisor to Renewable Properties, LLC (Renewable Properties or the Company) on the sale of its 21 megawatt direct current (MW_DC) community solar portfolio (the Portfolio) to Luminace Sunbeam Development Holdings, LLC (Luminace). The Portfolio comprised four pre-construction community solar assets in Illinois. The transaction closed in October 2024.

Luminace Overview
Luminace is a North American distributed energy business owned by Brookfield and a leading provider of decarbonization-as-a-service solutions to utilities, energy cooperatives, and commercial, industrial, and public sector customers. Luminace is one of the largest distributed energy developers, owners, and operators in North America, managing approximately 1,400 megawatts (MW) of operating distributed energy resources in 28 states, Washington, D.C., Puerto Rico, and Canada.

Renewable Properties Overview
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility, community solar, energy storage, and electric vehicle (EV) infrastructure projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties is active in 15 states and has more than 1 gigawatt (GW) of solar, energy storage, and EV infrastructure under development with over 175 MW under construction or in operation. Renewable Properties works closely with communities, developers, landowners, utilities, and financial institutions looking to invest in solar energy systems.

KeyBanc Capital Markets, Inc. (KBCM) served as the exclusive sell-side financial advisor to Kendall Sustainable Infrastructure, LLC (KSI or the Company) on the sale of its 22.7 MW_DC distributed generation solar portfolio (the Portfolio) to CleanCapital Holdings LLC (CleanCapital). The Portfolio comprises 40 operating solar projects located across Vermont, New York, and California. The transaction closed in October 2024.

Kendall Sustainable Infrastructure Overview
Founded in 2013 and headquartered in Cambridge, Massachusetts, KSI is a nationally focused independent investment firm focused on energy, water, and other real assets. KSI builds, owns, and operates projects for the mid-term. KSI has built nearly 120 MW_DC, and regularly acquires projects during development or at NTP, leveraging its internal development and project financing capabilities to perfect and commercialize assets. KSI has raised over $300 million in limited partner equity capital, $100 million of tax equity, and $150 million of construction and term debt, to date. 

CleanCapital Overview
Founded in 2015, CleanCapital is a diversified clean energy company focused on the middle-market solar and storage industry. Mission-driven to mitigate the climate crisis, CleanCapital focuses on making strategic investments in early-stage, new construction, and operating renewables projects and development partners. To date, CleanCapital has invested more than $1 billion into clean energy projects and has acquired more than 230 projects totaling more than 460 MW_DC.

On September 13, 2024, Arava Power Company (Arava) and Palladium Energy, LLC (Palladium) closed the sale of their 100% equity interests in a 364 megwatt direct current (MW_DC)/280 megwatt-hour (MWh) portfolio of utility-scale solar-plus-storage assets (the Portfolio) to an undisclosed buyer. Arava and Palladium have developed a joint venture, Prairie Sun, LLC (Prairie Sun), which has a broad mandate to originate across the U.S. and divest early-stage projects as certain development milestones materialize. The Portfolio consists of three early-stage projects in Pennsylvania (130 MW_DC solar plus 100 MWh storage), Virginia (104 MW_DC solar plus 80 MWh storage), and Mississippi (130 MW_DC solar plus 100 MWh storage). KeyBanc Capital Markets was engaged as Prairie Suns’s Exclusive Financial Advisor. 

Arava Power Company Overview
Arava Power Company is a pioneer of utility-scale solar in Israel, starting development in 2007. Arava develops, builds, owns, and operates solar projects, while maintaining and improving performance through excellence in development, technological innovation, and advanced asset management. The company is one of the most experienced and reputable developers/independent power producers (IPPs) in the Israeli clean energy sector and is expanding its footprint thoughout the U.S. In September 2024, Arava began operating its first solar project in Texas and continues to develop utility-scale solar, solar plus storage, and standalone storage projects across the U.S.

Palladium Energy, LLC Overview
Palladium, headquartered in Jacksonville, Florida, is a national energy infrastructure development and project finance firm that has a combined 35+ years of experience in the energy sector. The Palladium team has developed more than 6.5 gigawatts (GW) of projects since its inception, having divested or financed over 1.7 GW.