Solar developer 8minutenergy Renewables LLC has secured a $21 million letter of credit facility from Rabobank, a global bank to the international food and agriculture industry and financier of renewable energy projects.
The purpose of the credit facility is to enable 8minutenergy’s utility-scale solar development activities across North America, including supporting the execution of power purchase agreements and interconnection agreements associated with projects in various stages of development.
“We are thrilled to be part of the Rabobank network and to work directly with one of the world’s top project finance lenders in order to accelerate our pipeline and development goals,” comments Martin Hermann, CEO and founder of 8minutenergy. “We commend Rabobank for their progressive approach and for structuring an innovative credit facility that is secured by cash-flow generating assets held by 8minutenergy. The result of our collaboration will ensure clean solar energy for hundreds of thousands of Americans.”
Thomas Emmons, head of project finance at Rabobank North America Wholesale, adds, “8minutenergy has an impressive reputation over many years as developer of the largest and best utility scale solar projects. We look forward to providing additional capital to leverage these development skills.”