National Grid plc (NYSE: NGG), one of the largest utility companies in the world, announced that its Emerald Energy Venture, LLC joint venture gained a $150 million portfolio revolving facility, with a feature that helps in increasing it to $250 million by mid-2022. It will be of incredible help to the renewable energy portfolio National Grid building now in the US. With this financial aid, National Grid Renewables can construct a mix of battery storage, wind projects of solar.
This novel capability will bundle various renewable energy projects together to provide economies of scale and functional efficiencies. Furthermore, National Grid’s Green Financing Framework structured this facility, evidencing once again National Grid’s strong agreement to advance a cleaner energy system.
Alexandra Lewis’s Statement
Alexandra Lewis, Group Treasure of National Grid plc, said that expanding more renewable energy to the grid is just one of many ways in which National Grid is assisting the transition towards a cleaner energy landscape. This new green facility will support National Grid Renewables work in the renewable energy space of the United States while increasing the environmental benefits; this will also create many green jobs across the States.
National Grid Renewable formulates and operates large-scale renewable energy projects across the US, comprising solar battery storage and wind projects. This installation is expected to help fund the construction of approximately 1.05 gigawatts of clean energy production capacity, enough to eliminate more than 1.6 million metric tons of carbon dioxide annually.
SMBC as Lead Arranger
SMBC structured this Portfolio Revolving installation and will act as a Lead Arranger, Green Loan Coordinator, Bookrunner, Administrative Agent, and Collateral. SMBC has substantial expertise leading and closing project finance trades in the Americas and is invariably recognized as one of the top dominating arrangers in the business.
Moreover, Carl Adama, Deputy Head of SMBC Division and Executive Officer, said that green energy and sustainability linked business has and continues to be the cornerstone of their business globally. Meanwhile, they also strive to support their clients in facilitating and creating positive social, environmental, and economic change. Besides, he adds that they are proud to have partnered with National Grid on the successful origination of this particular transaction, which symbolizes what they want to accomplish in the market.