Emerald Energy Venture, a subsidiary of National Grid, secured $150 million in funding to support the growth of National Grid’s renewable energy portfolio in the United States.
Through this innovative funding structure, it has the potential to increase it to $250 million in 2022.
The money will go toward various solar, battery storage, and wind projects being developed by National Grid Renewables. It is expected to help fund part of the construction of an estimated 1.05 gigawatts (GW) of clean energy generation capacity.
“Adding more renewable energy to the grid is just one of the many ways that National Grid is supporting the transition towards a cleaner energy landscape,” Alexandra Lewis, group treasurer of National Grid, said. “This new green facility will help accelerate the work National Grid Renewables is doing in the renewable energy space in the U.S., which not only generates significant environmental benefits but also drives economic activity and creates green jobs in communities across America.”
SMBC structured this portfolio revolving facility and will act as a lead arranger, bookrunner, green loan coordinator, collateral, and administrative agent.
“Sustainability-linked business, and green energy, in particular, has and continues to be the cornerstone of our business globally, as we strive to support our clients in promoting and creating positive social, economic, and environmental change. We are proud to have partnered with National Grid on the successful origination of this unique transaction, which embodies what we want to achieve in the market,” Carl Adams, executive officer and deputy head of SMBC Americas Division, said.
Morgan, Lewis & Bockius advised Emerald Energy Venture, and SMBC was advised by Winston & Strawn.
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