Natixis Arranges Debt and Equity Financings for Slate Solar Plus Storage Project

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Aug 20, 2021, 14:51 ET

NEW YORK, Aug. 20, 2021 /PRNewswire/ -- Natixis today announced the successful closing of two separate financings in support of the Project Slate, a solar plus storage project being constructed in Kings County, California. Project Slate is owned by Goldman Sachs Renewable Power ("GSRP"), an investment company managed by the Renewable Power business within Goldman Sachs Asset Management. Upon construction completion, the Project Slate will have a capacity of 300 MWac Solar PV +140 MW / 561 MWh Battery Storage, making it among the largest solar plus storage projects in the world.

In June 2021, Natixis acted as Administrative Agent and Joint Lead Arranger on $515.9 million senior secured credit facilities to Project Slate. Earlier, Natixis acted as Sole Lead Arranger for a $150 million Equity Bridge Loan, the proceeds of which will be used to fund GSRP's equity contribution into Project Slate.

"Together, these transactions finance debt and equity costs for Project Slate demonstrate our ability to service our key clients with financing products across the capital stack," said Nasir Khan, Head of Infrastructure & Energy Finance for the Americas at Natixis. "Natixis is committed to financing clean energy projects and accelerating our energy transition."

The Project Slate debt construction financing marks Natixis' second Solar Plus Storage financing in the Americas in as many months and comes on the back of Clearway's $285 million financing for its Mililani I and Waiawa Solar Plus Storage facilities in Hawaii in May 2021, where Natixis acted as Coordinating Lead Arranger. Those transactions are among the 26 Infrastructure Finance transactions Natixis has closed in the Americas in the first half of 2021.

About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d'Epargne, Natixis counts over 16,000 employees across 36 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE's networks. Natixis has a solid financial base with a CET1 capital under Basel 3⁽¹⁾ of €12.4 billion, a Basel 3 CET1 Ratio⁽¹⁾ of 11.5% and quality long-term ratings (Standard & Poor's: A / Moody's: A1 / Fitch Ratings: A+).
⁽¹⁾ Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in.
Figures as at 30 June 2021