National Grid joint venture inks $150 million green portfolio revolver

Chicago, July 21 – National Grid plc’s joint venture Emerald Energy Venture, LLC secured a new $150 million portfolio revolving facility, according to a news release on Wednesday.

The revolver has an accordion feature for an additional $100 million of borrowings starting mid-2022.

Proceeds will support the growth of the venture’s renewable energy portfolio in the United States.

Specifically, 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.

The facility is structured under National Grid’s green financing framework.

SMBC structured the portfolio revolver. The bank will also act as lead arranger, bookrunner, green loan coordinator, collateral and administrative agent.

London-based National Grid is a multinational electricity and gas utility.

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