WALTHAM, Mass., July 21, 2021 /PRNewswire/ -- 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.
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SOURCE National Grid