Tuesday, June 2, 2020

8minute Solar Energy Gets $225M Letter Of Credit

Los Angeles-based solar energy developer 8minute Solar Energy says it has received a $225M letter of credit, to go towards development of its pipeline of solar and energy storage projects. According to the company, the letter of credit was led by CIT, and also included KeyBank, HSBC, Rabobank and Nomura Holdings. The company said the ltter of credit will be used to post securities for its power purchase agreements (PPAs). 8minute is led by Dr. Tom Buttgenbach. The company said the new letter of credit replaces an existing facility it had with Rabobank, which closed in 2016.