Greenbacker Renewable Energy has agreed a $60m senior secured credit agreement with Fifth Third Bank in the US to invest in clean energy projects.

An initial drawdown of $25.7m was used to pay off existing loans and to fund future investments.

The facility, collateralised by assets, property and interests held by the company’s subsidiaries, matures in January 2024.

Greenbacker chief financial officer said: “Entering into this credit Agreement with Fifth Third Bank enhances a relationship that the company has had with Fifth Third Bank over the past few years.

“We look forward to expanding our banking relationship in the coming years as the company continues to grow and invest in alternative energy assets for the benefit of our investors.”

Image: Pixabay