Clearway Energy, Inc Tapestry Wind portfolio
|Deal Type||Debt Capital Markets|
Senior Secured Credit Facilities
|Client & Transactional Partners||
Tapestry Wind Portfolio
Joint Lead Arranger
On April 29, 2019, KeyBanc Capital Markets Inc. (“KBCM”) successfully closed $191.6 million of Senior Secured Credit Facilities (the “Facilities”) for Clearway Energy, Inc.’s (“CWEN”) Tapestry Wind portfolio (the “Portfolio”). The Facilities consist of a $163.5 million Term Loan, $18.3 million in Letters of Credit and a $9.8 million Working Capital Facility. The Term Loan will be used to refinance existing debt and provide a distribution to CWEN. KBCM acted as Joint Lead Arranger and Administrative Agent. In addition to Key, the bank group comprises Associated Bank as Joint Lead Arranger and Iberiabank and Banco de Sabadell as lenders.
The Portfolio comprises two projects in West Virginia and Oklahoma totaling 185 MW. The Portfolio sells its output to several offtakers, including Maryland Department of General Services, University System of Maryland, and Oklahoma Gas and Electric Company.