California-based renewable energy developer Pathway Power LLC has obtained debt financing from Dutch lender Rabobank to support its 6-GW portfolio of solar and energy storage projects across the United States. Rabobank served as the sole lead arranger for the deal, though details of the loan amount were not disclosed.
The financing will facilitate the interconnection of additional solar photovoltaic (PV) capacity into the US electricity grid. Pathway's projects, located in key US electricity markets, are progressing through various stages of the interconnection queue, awaiting regulatory approvals to connect to the grid.
“This innovative letter of credit facility enables Pathway to advance a significant pipeline of renewables and battery storage projects through Independent System Operator (ISO) interconnection queues across America under an efficient, flexible structure,” said Bill Gulley, managing partner and chief investment officer at Pathway Power.
Based in San Diego, Pathway Power has previously secured a $25-million investment commitment from Japanese renewables firm RENOVA Inc. in early 2024. Pathway's track record includes developing 40 GW of projects and delivering 7 GW, according to the company's website.
