--News Direct--
Waltham, MA, July 21, 2021 /3BL Media/ – National Grid (NYSE: NGG), one of the largest investor-owned utility companies in the world, announced today that its Emerald Energy Venture, LLC joint venture has secured an innovative $150 million Portfolio Revolving facility, with an accordion feature that will allow an increase to $250 million beginning in mid-2022, to support the growth of its renewable energy portfolio in the U.S. The new financing will support part of the construction of a mix of solar, battery storage and wind projects being developed by National Grid Renewables, the company’s competitive renewable energy arm.
This novel facility will bundle several renewable energy projects together to provide economies of scale and operational efficiencies. It was structured under National Grid’s Green Financing Framework, evidencing once again National Grid’s strong commitment to advance a cleaner energy system.
“Adding more renewable energy to the grid is just one of the many ways in which National Grid is supporting the transition towards a cleaner energy landscape,” said Alexandra Lewis, Group Treasurer of National Grid plc. “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.”
National Grid Renewables develops, owns and operates large-scale renewable energy projects across the U.S., including solar, wind and battery storage. This facility is expected to help fund part of the construction of an estimated 1.05 gigawatts (GW) of clean energy generation capacity, enough to avoid more than 1.6 million metric tons of carbon dioxide annually according to the Environmental Protection Agency’s greenhouse gas equivalencies calculator.
SMBC structured this Portfolio Revolving facility and will act as a Lead Arranger, Bookrunner, Green Loan Coordinator, Collateral and Administrative Agent. SMBC has extensive expertise leading and closing project finance transactions in the Americas and is consistently recognized as one of the top lead arrangers in the business.
Carl Adams, Executive Officer and Deputy Head of SMBC Americas Division said, “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.”
Morgan, Lewis & Bockius LLP advised Emerald Energy Venture and SMBC was advised by Winston & Strawn LLP.
For more information about National Grid, please visit www.nationalgrid.com.
About National Grid
National Grid is pivotal to the energy systems in the UK and the Northeastern United States. We aim to serve customers well and efficiently, supporting the communities in which we operate and making possible the energy systems of the future.
The decarbonization of the energy system is one of the biggest challenges facing our world, and National Grid has a critical role to play in the acceleration towards a cleaner future. In November 2019, National Grid announced plans to reduce its own direct greenhouse gas emissions to net zero by 2050.
Find out more about the energy challenge and how National Grid is helping find solutions to some of the challenges we face at www.nationalgrid.com.
About National Grid Renewables
National Grid Renewables, part of the non-regulated National Grid Ventures division of National Grid, develops, owns and operates large-scale renewable energy assets across the United States, including solar, wind and battery storage. As a farmer-friendly and community-focused business, National Grid Renewables develops projects for corporations and utilities that seek to repower America’s electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future.
National Grid Renewables has a robust development pipeline of wind, solar and battery storage projects in various stages of development throughout the United States, as well as geographically diverse operational assets across the country. It supports National Grid’s vision of being at the heart of a clean, fair, and affordable energy future for all. Please visit www.nationalgridrenewables.com to learn more.
About SMBC
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of March 31, 2021, its total assets were $2.10 trillion.
In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corporation (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
Contact: Justin Drake
National Grid Ventures
781-375-5336
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