Treaty Oak Clean Energy, a US independent power producer (IPP), closed a $300 million senior secured credit facility to support its expanding renewable project pipeline of solar, wind, and battery storage.
Led by ING Capital, Nomura, and SMBC, with ING as Green Loan Agent and Nomura as Administrative Agent, the facility funds interconnection, offtake letters of credit, equipment, and corporate expenses for its 17.3 GW portfolio across US markets.
The pipeline includes projects with long-term power purchase agreements, with 485 MW under contract or exclusivity, and over 1 GW in negotiations. Construction has begun on a 100 MW solar project in Arkansas, and a 385 MW project in Louisiana is scheduled to start in 2025.
KEY QUOTES:
“This facility strategically positions us to accelerate our buildout of important renewable projects in the US and opportunistically approach a market that is experiencing significant regulatory change. This financing reflects strong lender confidence in our business model and management team and gives us a competitive advantage.”
Chris Elrod, Treaty Oak’s Chief Executive Officer
“This transaction highlights the strength and capabilities of the Treaty Oak platform, supported by a syndicate of top-tier global lenders. We are pleased to work alongside the Company to secure a highly accretive credit facility that will enable the Company’s commercialization of the next wave of clean energy development projects across the US.”
Sky Fabian, Partner at PEI Global Partners
