8minute Solar Energy announced June 1 that the company has closed a US$225 million letter of credit (LC) facility from a consortium of five banks, led by CIT as sole coordinating lead arranger with partners KeyBank N.A., HSBC, Rabobank and Nomura. 8minute will use the LC facility to cost effectively post securities for its power purchase agreements (PPAs) and interconnection agreements for its 18-gigawatt (GW) pipeline of solar and storage projects throughout California, Texas and the Southwestern United States.
8 Minute’s Springbok 3 solar farm
8minute says the $225M LC facility represents a tenfold increase in its development capacity. 8minute claims one of the largest development pipelines of solar and solar-plus-storage projects in the country, including more than 50 utility-scale projects in various stages of development, with a typical project size of 400 MW. Most of these projects will deploy 8minute’s new generation solar plant design with integrated energy storage.
In April, 8minute announced that the company had added 3 gigawatts of large-scale solar projects to its development pipeline this month, for a total of over 18 GW.