BayWa r.e Solar Projects, the US solar developer arm of German industrial conglomerate BayWa, has secured a $115 million credit facility from global financial services firm Nomura. The facility will support the expansion of BayWa r.e's US solar and storage project portfolio, which includes 1.1GW of solar PV and 118MWh of battery storage across several US states, set to be brought online between 2024-26.
Fred Robinson, CEO at BayWa r.e. Solar Projects LLC, expressed excitement over the partnership with Nomura and the ability to deploy clean, reliable energy at a time when there is a critical need for capacity. “This credit facility contributes to BayWa r.e.'s strong financial outlook and enables the acceleration of our pipeline growth in key markets supported by the Inflation Reduction Act (IRA),” Robinson said.
The IRA has played a significant role in spurring growth in the US solar sector since its passage last summer, with developers and manufacturers capitalizing on the tax credits offered under the act. However, a group of Republican politicians launched an attempt to repeal many of the pro-renewables measures included in the IRA with a “Limit, Save, Grow Act.” The measure passed the House of Representatives and is set for a vote in the coming weeks.
BayWa r.e. Solar Projects LLC is committed to developing clean energy infrastructure across the United States, and the credit facility from Nomura will help accelerate the company's growth and support the transition to a clean energy economy. The company plans to add more projects to its portfolio in the near future, and the credit facility will likely be expanded to support these new projects.
“We're thrilled to partner with BayWa r.e. to support the development of clean energy projects across the United States,” said a spokesperson for Nomura. “We're committed to supporting the transition to a clean energy economy and are proud to play a role in advancing this important work.”
As the transition to clean energy continues, partnerships like the one between BayWa r.e. Solar Projects and Nomura will become increasingly important in driving growth and advancing the deployment of renewable energy infrastructure across the United States.
