GRP Holdco Monetizes $82.5 million of Production Tax Credits for 116 MW of Biomass Projects in Georgia

NEW YORK, March 7, 2023 /PRNewswire/ -- Today, GRP Holdco, LLC ("GRP"), the owner of two operating biomass projects (the "Projects") in Georgia, is pleased to announce the recent closing of a $82.5 million tax equity financing from Greenprint Capital Management, LLC ("Greenprint"). The financing enables GRP to monetize production tax credits generated by the Projects through 2029.

The Projects are located in Franklin and Madison counties of Georgia and were placed into commercial operation in December 2019. Combined, they provide 116 MW of energy capacity to Georgia Power Company under 30-year power purchase agreements.

GRP is managed by Fairlead Advisors LLC ("Fairlead") and has project debt from a consortium of lenders led by an Ares Management Infrastructure Debt fund ("Ares"). GRP retained NextPower Capital to act as the financial advisor on the transaction. Latham & Watkins represented Ares, and Winthrop & Weinstine represented Greenprint, as legal counsel.

"As the manager of GRP, Fairlead is thrilled to secure a long-term commitment from Greenprint and its financing partners, and we appreciated the collaborative working relationship which resulted in an innovative financing structure to meet the needs of all participants in the transaction," said Adam Carte, Partner at Fairlead and CFO of GRP. "NextPower Capital was able to source an illiquid form of tax equity for a complicated corporate structure in much less time than expected."

"NextPower is proud to participate in the collaboration between GRP, Fairlead, and Greenprint," said David Goldman, Managing Partner at NextPower Capital. "We appreciated the opportunity to help GRP monetize its tax credits and continue to improve the economics of the Projects."

"Greenprint is focused on structuring win/win transactions for our partners and this deal was a great of example of that," said Peter DeFazio, Managing Director at Greenprint. "It was great to work with NextPower Capital on another transaction and form a new relationship with GRP and Fairlead."

Greenprint specializes in renewable energy tax credit acquisitions and is a market leader in tax credit underwriting and verification. Greenprint is solely dedicated to investing in climate positive solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. For more information, visit greenprintcapital.com.

Founded in 2010, Fairlead Advisors provides operating partner services to portfolio companies of private equity and venture capital investors. For PE and VC investors seeking to optimize outcomes, Fairlead is the path to success. For more information, visit fairleadadvisors.com.

Founded in 2016, NextPower Capital is a clean energy investment bank focused on capital raises, M&A, and advisory services across North America. Leveraging its extensive network of capital providers, NextPower Capital specializes in structuring tax-equity and debt transactions across utility-scale, commercial, and residential projects that employ renewable energy and storage technologies. For more information, visit nextpowercapital.com. The principals of NextPower Capital acted in their capacity of licensed securities agents of Burch & Company, Inc., member FINRA/SiPC.

CONTACT: David Goldman, [email protected]

SOURCE GRP Holdco, LLC

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