Qcells USA recently announced it closed a $150 million revolving credit facility with BNP Paribas and Crédit Agricole CIB to support the buildout of its 13 gigawatt pipeline. It made the announcement during the groundbreaking ceremony for the Cunningham Energy Storage Project, the largest capacity project in ERCOT once operational later this year. The financing highlights the extensive energy storage project pipeline Qcells USA is developing and constructing across the United States.
IRVINE, Calif., Sep. 8, 2022 /PRNewswire-PRWeb/ -- Qcells USA Corp. (Qcells USA) announced its closing of a $150 million corporate revolver to support in part its construction of the Cunningham Energy Storage Project as well as other projects in its expansive pipeline.
The Cunningham Energy Storage Project is a 190 MW/380 MWh (2hr capacity) project. This energy storage facility will be the largest project in the ERCOT market once operational.
BNP Paribas Securities Corp ("BNP") and Crédit Agricole CIB ("CA-CIB") served as joint lead arrangers for the facility with BNP acting also as sole Administrative Agent. This financing marks Qcells' first such facility with BNPP and CA-CIB.
Reaching financial close highlights Qcells USA's distinction as a vertically integrated energy solutions provider, combining in-house development, EPC, asset management, and module supply.
Rich Chung, Head of Project Finance at Qcells USA said, "We appreciate the confidence and trust that BNP and CA-CIB have placed in Qcells to execute on our pipeline with industry-leading projects like Cunningham. We look forward to exploring ways to deepen our relationship with our partners given our aggressive growth plans."
Chris Sked, Managing Director of High Grade Finance at BNP Paribas said, "BNP Paribas is pleased to lead the arrangement of the inaugural bank financing for Qcells USA. Qcells USA has a growing footprint in the renewable energy space and fits with BNP Paribas Low Carbon Transition Group ambitions. BNP Paribas is proud to be part of this important transaction and we look forward to growing alongside Qcells USA."
"Qcells USA, as well as the broader Hanwha Group, is a highly valuable client for Crédit Agricole CIB globally," said Peter Jahng, Director in the Multinational Coverage Group at Crédit Agricole CIB. "We are proud to support the Qcells Team on this debut financing as it sets a foundation for Qcells to achieve its expansion plans. Crédit Agricole CIB will continue to serve as a partner to Qcells in its strategic and development needs as it strives to become a leader in the renewable energy sector in the United States."
Qcells USA is the leading vertically integrated company in the utility-scale solar and energy storage industry. Combining solar & energy storage development, EPC, asset management, and solar module supply in an aggressively expanding pipeline throughout the U.S.
About Qcells USA
Qcells USA Corp. develops, invests, and delivers photovoltaic (PV) and energy storage system (ESS) projects through Development and Engineering, Procurement, and Construction (EPC) solutions in North America. The company brings a decade of global leadership in solar PV to deliver utility-scale power generation plants customized for local and regional energy markets.
It is an affiliate of Qcells Co., Ltd., one of the world's largest and most recognized photovoltaic manufacturers for its high-performance, high-quality solar modules. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ). QCELLS USA is a flagship company of Hanwha Group, a FORTUNE Global 500 firm, and a Top 7 business enterprise in South Korea. Qcells USA offers the full spectrum of PV solutions from the core technology of modules to utility-scale project development and investment. For more information, visit http://www.QcellsUSA.com and on LinkedIn.
About BNP Paribas
BNP Paribas is the European Union's leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group's commercial & personal banking and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.
About Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB)
Crédit Agricole CIB is the corporate and investment banking arm of Crédit Agricole Group, the 10th largest banking group worldwide in terms of balance sheet size (The Banker, July 2022). More than 8,900 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank's clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance, and is currently a market leader in this segment with a complete offer for all its clients.
For more information, please visit http://www.ca-cib.com
Safe-Harbor Statement
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Qcells' operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, QCELLS does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contact
Nick Centera, Qcells USA Corp., 1 6197505712, [email protected]
SOURCE Qcells USA Corp.
Share this article