Sustainability Trends

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.

On August 26, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $59 million Senior Secured Credit Facility (the Facility) for Jupiter Power’s Callisto I Energy Center battery storage project (Callisto I or the Project) in ERCOT. The Facility will bridge to the purchase of the investment tax credits generated by the Project, and proceeds will be used to reimburse Jupiter for its construction costs. KBCM acted as Lead Arranger, Sole Bookrunner, Administrative Agent, and Collateral Agent. Callisto I is a 200 megawatt/400 megawatt hour utility-scale standalone battery energy storage project in Harris County, Texas. The Project reached commercial operations in August 2024. The Project will help manage energy supply and demand imbalances, growing load requirements, and increase resilience from extreme weather events in the Houston metropolitan area. This represents the second transaction between Jupiter Power and KBCM.

Jupiter Power Overview:
Headquartered in Austin, Texas and formed in 2017, Jupiter Power is a premier developer, owner, and operator of utility-scale energy storage projects. The Company’s portfolio of operational and under-construction projects is one of the largest in the country, including the leading energy storage fleet in Texas. Additionally, Jupiter has a development pipeline of more than 11 gigawatts.. Jupiter Power is owned by BlackRock Alternatives via a fund managed by its Diversified Infrastructure business. BlackRock is the world’s largest asset manager and holds over $50 billion of infrastructure AUM, composed of equity, debt, and alternative solutions, with the goal of driving the clean energy transition.

About the Transaction: 
On September 23, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $665 million in Senior Secured Credit Facilities (the Facilities) for Clearway Energy Group’s Pine Forest Solar project. Pine Forest is a utility-scale solar + storage facility in Hopkins County, Texas. The Facilities comprise $103 million in Construction Loans, $203 million in Cash Equity Bridge Loans, $42 million in Tax Equity Bridge Loans, $275 million in Tax Credit Transfer Bridge Loans, and $42 million in Letters of Credit. Proceeds will be used to fund the construction and operating periods of the project. KBCM acted as Joint Lead Arranger, Administrative Agent, and Collateral Agent. 

Pine Forest is a 370 MW utility-scale solar and 200 megawatt (MW), storage project in the ERCOT power market and will generate revenue through a 20-year power purchase agreement with Dell and a 15-year power purchase agreement with Universal. 

This represents the 18th transaction between Clearway Energy Group and KBCM.

About Clearway Energy Group:
Clearway Energy Group was founded in 2012 and is headquartered in Princeton, New Jersey. It is a full-scope Development & Operations platform with over 10.4 gigawatts (GW) of wind, solar, and energy storage assets in operation. In 2022, TotalEnergies acquired 50% of Clearway Energy Group from Global Infrastructure Partners. As of September 2024, Clearway Energy Group has an extensive pipeline of 30 GW of solar, wind, and storage projects in both regulated and deregulated regions. It has committed to grid reliability with more than 12 GW of paired and standalone storage operating or in development. The company has more than 800 employees with operating solar and wind projects in 27 states.

On August 29, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $285 million in Senior Secured Credit Facilities for Doral Renewables’ Mammoth South and Central projects in Pulaski County, Indiana. Together with its sister project, Mammoth North, these projects will comprise the largest standalone solar portfolio in the U.S. The funds will accelerate the construction of the portfolio over the next 12 months, with plans for a larger construction-to-term financing solution. KBCM acted as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent, Collateral Agent, and Depositary Agent.

The Portfolio consists of three utility-scale standalone solar projects (Mammoth South, Mammoth Central I, and Mammoth Central II), totaling 900 megawatt (MW) alternating current (AC)/1,128 MW direct current (DC). All three projects are expected to reach commercial operations by March 2027. Once operational, the complete Mammoth Solar portfolio, including Doral Renewables’ Mammoth North project in Starke County, Indiana, will have a nameplate capacity of 1.3 gigawatts (GW) and power ~275,000 households annually.

Doral Renewables Overview:
Headquartered in Philadelphia, Doral Renewables is a developer, owner, and operator of utility-scale solar, co-located solar and storage, and standalone storage projects across North America. Doral Renewables’ solar and storage development portfolio totals more than 13 GW, including 1.3 GW under construction, and operates in 18 states across 10 electricity markets and has over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers.

Doral Renewables has global leadership and investments from the Doral Group (TASE: DORL.TA), Migdal Group, and Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO), a leading global asset manager. In June 2024, Doral Renewables announced a $400 million minority equity investment on behalf of the largest Dutch pension fund, ABP, which looks after the pensions of 4.6 million participants and manages approximately 569 billion euros in pension assets.

About the Transaction:
On July 25, 2024, KeyBanc Capital Markets, Inc. (KBCM) announced completion of $258 million in senior secured credit facilities with esVolta, LP, for a 980 megawatt hour portfolio of standalone battery energy storage projects. KBCM acted as Coordinating Lead Arranger, Collateral Agent, and Depository Agent.

The credit facilities consist of construction plus tax equity bridge financing, letters of credit, and a long-term loan to finance three of esVolta’s energy storage project assets currently under construction in Texas including Anole, Desert Willow, and Burksol. Each of the projects is designed to provide fast-responding energy and ancillary services into the ERCOT market, helping to strengthen the regional electric grid.

esVolta Overview:
Founded in 2017, esVolta, LP, is a top developer, owner, and operator of utility scale energy storage projects across North America. The company’s portfolio of operational plus in-construction projects totals about 1.5 gigawatt hours of storage capacity, and the firm is developing a large pipeline of future storage projects. esVolta is a portfolio company of Generate Capital, PBC, a leading sustainable infrastructure company driving the infrastructure transition. Additional information about esVolta is available at www.esvolta.com.

About the Transaction: 
On July 10, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $1.1 billion in Senior Secured Credit Facilities (the Facilities) for rPlus Energies’ Green River Energy Center (GREC or the Project). Based in Emery County, Utah, GREC is expected to be one of the largest utility-scale solar-plus-battery storage projects in North America. The Facilities comprise $699 million in Construction Loans, $270 million in ITC Bridge Loans, $120 million in PPA LCs, and $3 million in Interconnection 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 Green River Energy Center is composed of a 400 megawatt/alternating current/540 MW direct current  solar array and a 400 MW/1,600 megawatt hour battery energy storage system. The project is on track to achieve commercial operation in Q2 2026 and will generate revenue under a 20-year busbar-settled power purchase agreement with PacifiCorp.

rPlus Energies Overview:
Founded in 2018, rPlus Energies is an experienced solar, storage and wind developer based in Salt Lake City, Utah, with a 15+ GW development pipeline. Since its establishment, rPlus Energies has successfully developed more than 630 MW_AC of solar and wind projects across Utah and Idaho, all of which are currently 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 across 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. The GREC project represents a significant milestone for rPlus Energies, as it will be their first project that they will own themselves, made possible with the support of Sandbrook Capital.

KeyBanc Capital Markets, Inc. (KBCM) served as exclusive sell-side advisor to Renewable Properties, LLC (Renewable Properties or the Company) on the sale of its 28 MWDC solar distributed generation portfolio (the Portfolio) to EDPR NA Distributed Generation LLC (EDPR). The transaction closed in June 2024.

Transaction Overview
KBCM was engaged by Renewable Properties to serve as sell-side advisor on the divestiture of 100% of its membership interests in the Portfolio, composed of four pre-construction community solar projects in Illinois. KBCM conducted a targeted outreach process, identifying several highly credible investors that ultimately resulted in multiple actionable indicative offers. Using its market knowledge, KBCM was then able to maximize competitive tension between these bidders, preserving seller leverage and optimizing deal terms. EDPR emerged as the optimal buyer of the Portfolio.

EDP Renewable North America Overview
EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms, solar parks, and energy storage systems throughout North America. Headquartered in Houston, Texas, with 61 wind farms, 15 solar parks, and eight regional offices across North America, EDPR NA has developed more than 10,600 megawatts (MW) and operates more than 9,600 MW of onshore utility-scale renewable energy projects.

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 of solar, energy storage, and EV infrastructure under development with over 155 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.

On January 31, 2024, Eagle Creek Renewable Energy completed an acquisition of Lightstar Renewables (Lightstar). KeyBanc Capital Markets (KBCM) acted as exclusive financial advisor to Lightstar.

Transaction History
In 2019, Lightstar received a strategic investment from Magnetar Capital, paving the way for the company to scale to a 1.8+ GW development pipeline and 35+ person team. With 100+ megawatts (MW) expected to reach notice to proceed (NTP) over the next 12 months, KBCM was engaged by Lightstar to identify a long-term strategic partner looking to invest in the community solar space and support its growth as an independent power producer.

KBCM conducted a broad, high-touch process, marketing Lightstar as a compelling investment opportunity in one of the few pure-play greenfield community solar development platforms of its kind. The process highlighted the company’s leadership of known industry veterans as well as Lightstar’s end-to-end, high-efficiency development vehicle.

Lightstar Renewables
Lightstar Renewables is a greenfield community solar developer based in Boston, Massachusetts, with asset development across the nation. It is active in 10+ community solar markets, combining project origination with strong policy capabilities in both existing and emerging markets. Lightstar’s value chain spans the full development process, from origination to operations, and is streamlined by the Company’s proprietary project management software, Vault.

Eagle Creek Renewable Energy
Founded in 2010, Eagle Creek is a privately held, wholly owned subsidiary of Ontario Power Generation with a historical focus on owning and operating hydroelectric facilities. Eagle Creek’s portfolio includes 85 hydroelectric assets representing 691 MW of capacity across the U.S., in addition to equity interests in 14 other hydro assets and a solar facility in New England. The transaction presents an opportunity for Eagle Creek to expand into solar with immediate capital deployment and pipeline realization.

KBCM Capital Markets (KBCM) and Morgan Stanley served as the lead co-advisor to Excelsior Energy Capital (Excelsior) on the sale of its 89.0 MW solar and battery energy storage system (BESS) distributed generation portfolio (the Portfolio) to BlackRock’s Evergreen Infrastructure Partners Fund (BlackRock). The transaction closed in December 2023.

Transaction Overview
KBCM was engaged by Excelsior to serve as lead co-advisor on the divestiture of 100% of its membership interests in the Portfolio, comprised of 38 distributed generation projects across six states: CA, CO, MA, MN, VT, and WA. KBCM conducted a targeted outreach process, identifying several highly credible investors that ultimately resulted in multiple actionable indicative offers. Using its market knowledge, KBCM was then able to maximize competitive tension between these bidders, preserving seller leverage and optimizing deal terms. BlackRock emerged as the optimal buyer of the Portfolio, with their investment representing BlackRock’s debut investment out of their $1 billion Evergreen Infrastructure fund. The transaction represents Excelsior’s first exit from its inaugural fund, Excelsior Renewable Energy Investment Fund I LP.

Excelsior Energy Capital Overview
Excelsior Energy Capital is a renewable energy infrastructure fund focused on middle-market investments in wind, solar, and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, the firm was founded in 2017 with two active funds totaling over $1 billion of equity capital.

BlackRock, Inc. Overview
BlackRock, Inc., together with its subsidiaries, is a premier provider of asset management, risk management, and advisory services to institutional, intermediary, and individual clients worldwide. It has offices in more than 30 countries that cover the world’s major financial markets and has more than 19,000 employees. As of December 31, 2022, BlackRock, Inc. and its subsidiaries had $8 trillion in assets under management. BlackRock Inc.’s real assets platform manages $80 billion in committed infrastructure, real estate assets, and capital.

KeyBanc Capital Markets (KBCM) was engaged by Forsite Renewables to advise on strategic alternatives for its unique platform and pipeline of solar and storage assets. Prior to launching a broad process, KBCM and Forsite engaged with several highly credible investors, resulting in actionable preemptive offers.

Using its market knowledge, KBCM was then able to maximize competitive tension between these bidders, preserving seller leverage and optimizing deal terms. Galway Sustainable Capital emerged as the optimal partner for Forsite. KBCM supported Forsite Renewables throughout the deal negotiation and closing, advising on strategy, tactics and documentation and adding substantial value to the initial proposal through the structuring of a favorable earn-out in addition to significant upfront consideration.

Forsite Renewables Overview

Forsite Renewables is a full-service utility-scale developer of renewable energy and battery storage projects. Its core strategy has been to locate projects near aging, uneconomic coal and gas plants with the goal of utilizing the existing interconnection infrastructure and rights to expedite the development process. Its portfolio is expanding into community and distributed-generation solar projects, as well as traditional greenfield development projects. The company’s pipeline has grown to 14 projects totaling more than 4.0 gigawatts since its founding and has projects throughout the United States, including Texas, Oklahoma, Louisiana, Arkansas, Illinois, Indiana, North Dakota, and Maryland.

Forsite Development Overview

Charlotte, North Carolina-based Forsite Development is a commercial real estate firm focused on revitalizing industrial facilities, including coal-fired power plants. FD has remediated six coal-fired power plant sites and more than 20 industrial sites with more than 10 million square feet of space into new, productive uses.

Galway Sustainable Capital Overview

Galway Sustainable Capital is a specialty finance company investing in businesses that hold the promise of a better future for all. GSC invests in companies, projects, and assets that promote environmental and social resilience through locally based solutions, ultimately building platforms that use resources more efficiently. Its investments save energy, reduce greenhouse gas emissions, increase resilience, and expand opportunity.

On October 16, 2023, Hull Street Energy (Hull Street) completed a strategic equity investment in Greenskies Clean Focus (“Greenskies” or the “Company”), a JLC Infrastructure (JLC) portfolio company. KeyBanc Capital Markets (KBCM) was mandated by JLC to identify a competitive investment partner to support the continued buildout of Greenskies’ nationwide solar, storage, microgrid, and combined cooling, heating, and power (CCHP) platform. KBCM conducted an expansive, high-touch process to ensure investors understood the value of the innovative financing structures that Greenskies uses to fund tits operating portfolio and development pipeline and ascribe maximum value to the Company's business model.

KBCM highlighted Greenskies as a compelling opportunity to achieve instant national scale in the distributed energy generation market with a large solar and CCHP operating portfolio as well as a significant near-term development and construction pipeline. Additionally, the Company’s strong relationships with municipalities, real estate investment trusts, and commercial and industrial clients will drive growth for the foreseeable future. KBCM was engaged as Sole Financial Advisor.

About Greenskies Clean Focus
Greenskies originates, develops, constructs, operates, finances, and owns a full suite of decarbonization solutions, including onsite and offsite solar, battery storage, microgrids, and CCHP. Since its founding in 2009, Greenskies has developed and constructed 314 megawatts (MW) of renewable energy facilities across 590 sites in 19 states. Solar Power World ranks Greenskies Clean Focus as the No. 1 commercial solar developer in the Northeast and top three in the U.S., based on cumulative MW installed.

About JLC Infrastructure
JLC Infrastructure is an investor and asset management firm focused on the transportation, communications, energy, utilities, and social infrastructure sectors in the U.S. The firm was formed in 2015 by Loop Capital and Magic Johnson Enterprises with offices in Chicago and New York City. JLC has a broad network of long-standing relationships with municipalities, governments, infrastructure companies, investors, advisors, and financing providers throughout the country.

About Hull Street Energy
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals, and grid operations, including fuel inputs, commodity contract structuring, renewable- and fossil-powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders.

On August 30, 2023, KeyBanc Capital Markets (KBCM) successfully closed $64.5 million of Senior Secured Credit Facilities (the Facilities) to fund construction for BlueWave’s (the Company's) Solar Massachusetts Renewable Target portfolio (the Portfolio). The Facilities consist of a $26.7 million Tax Equity Bridge Loan Facility, a $35.7 million Construction to Term Loan Facility, and $2.1 million in Letters of Credit.

The Portfolio comprises five solar projects totaling 14.7 megawatt (MW) and 5.2 MW of battery storage. KBCM acted as Coordinating Lead Arranger, Administrative Agent, and Collateral Agent.

Founded in 2010 and headquartered in Boston, Massachusetts, BlueWave is a pioneering renewable energy company that develops and owns solar and battery storage projects. BlueWave has developed and built more than 150 MW of solar projects to date and is actively developing battery storage projects to ensure the grid is reliable and efficient in a clean energy future.

Axium Infrastructure, which acquired BlueWave in May 2022, is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets.