Founded in 2001, Invenergy develops, owns, and operates clean energy projects, helping to build the infrastructure for energy across the US, Europe and Asia. Today, the American-led clean energy company has developed more than 31GW of projects, which have so far avoided over 50.7 million tons of CO2 emissions that would otherwise have been generated from the power supplied to its customers. 

One of Invenergy’s latest projects includes the construction of a 50MW solar energy centre in Dorchester County, Maryland USA, which is expected to be operational by February 2024.  The project’s Transmission Service Provider is PJM Interconnection LLC which serves a population of over 65 million people across the northeast and midwestern United States.  

Having supported Invenergy with a HoldCo Revolving Credit Facility and the acquisition financing of American Electric Power's renewables portfolio in 2023, Invenergy approached NatWest again to consider the financing of a solar project in Maryland as a sole lender.  

The NatWest and Invenergy teams worked closely to determine the most suitable structure for the debt facility. Based on these discussions, NatWest agreed to provide a $142.4 million financing package, which includes a Construction Loan, an Equity Bridge Loan, and Letter of Credits. In addition, NatWest were mandated as sole hedge counterparty.

Matthew Ransweiler, Invenergy, said: “As part of our relentless push toward advancing the clean energy transition, we’re partnering with organizations to invest in clean energy technology that will shape the future of the industry. We are very pleased to count on NatWest as a strong partner, and we thank the deal team for their guidance and support in structuring this complex financing package which helps us deliver our 50MW solar energy centre in Maryland.”

Alex Jones, Director, Infrastructure & Project Finance at NatWest, commented on the transaction: “We’re delighted to have been able to arrange this bilateral financing package for Invenergy. This demonstrates our growing commitment to finance renewable projects in the US. With our £100 billion target of Climate and Sustainable finance between now and 2025, we are well placed to continue supporting our US customers in their pursuit of delivering sustainable technologies. This deal is also a great example of how by bringing together a team of key specialists from across the bank we were able to provide a swift decision and deliver the best outcome for our customer.” 

Joe Taylor, Head of Infrastructure, Project and Specialist Asset Finance at NatWest, added: “This is our ninth project finance deal in the US this year, having deployed over $1.2 billion in total, with the majority going towards Renewables projects. As a key region and key sector for us, we are excited to have further significant Renewables transactions in the pipeline before the year end. Sustainability is a key focus for our business, our customers and the economies we operate in, and we continue to support those on their journeys towards sustainable operations and those, such as Invenergy, helping others to become more sustainable.”

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