Milbank LLP advised the lenders in connection with a revolving credit facility of up to $450 million to support the continued development and construction of rPlus Energies’ near-term pipeline of solar and energy storage projects across the American West. The facility provides both funded borrowing capacity and letters of credit. Canadian Imperial Bank of Commerce, New York Branch (“CIBC”) served as Lead Left Arranger and Administrative Agent for the three-year facility, which was syndicated to a group of leading financial institutions, including National Bank of Canada, Truist Bank, KeyBank, Wells Fargo, MUFG and Zions Capital Markets.
rPlus Energies develops, owns and operates large-scale renewable energy generation and electric storage projects in the United States. The facility is supported by cash flows from nearly 1 GW of operating assets, including the Green River Energy Center and Pleasant Valley Solar 2, which reached commercial operation and completed term financing earlier this year.
“As global power demand accelerates, renewable energy and storage projects are critical,” said Global Project, Energy and Infrastructure Finance partner Sean O’Neill. “We’re proud to help our clients advance the renewable infrastructure buildout needed to meet that demand.”
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner Sean O’Neill with special counsel Daniel Rios Zertuche and associates Matthew O’Donnell and Garam Lee.
