WGL Energy Systems has secured a $75m financing package from M&T Bank to provide funding for future solar energy projects.
WGL Energy seeks to expand its renewable energy programs and will partner with organizations across the country on these key solar energy initiatives.
The credit package provides WGL with the flexibility and autonomy to choose between one and up to 30 projects to invest in, own and operate. WGL Energy has more than 290 megawatts (MW) of distributed generation projects installed or under contract across 21 states and the District of Columbia.
Guidance and expertise was provided by M&T Bank’s Commercial Equipment Finance Division, which has a depth of experience in the energy industry and particularly solar project financing.
WGL Energy president Sanjiv Mahan said: “WGL Energy is looking forward to working with other energy innovators throughout the county to expand our reach of diverse, renewable energy solutions such as solar so more customers and communities can enjoy the benefits of stabilized prices and lower carbon emissions.
“M&T Bank was instrumental in providing us with a creative and structured solution to our specific financing needs.”
M&T Bank energy finance director Eric Heintz said: “We are committed to providing solutions to help grow clean energy and meet the project financing needs of our customers.
“As a community-focused bank, M&T is dedicated to improving the quality of life for our customers, colleagues and neighbors. Reducing the carbon content of our power generation sources is critical to the future of energy globally.”
Source: Company Press Release