BAM Brookfield Asset Management Ltd

Facility supports construction of multiple projects in the pipeline

BOULDER, Colo., May 6, 2024 /PRNewswire/ -- Scout Clean Energy, a Colorado-based renewable energy developer, owner, and operator, is pleased to announce the closing of a $100 million equipment supply loan (ESL) with Rabobank. The facility will be used to fund Scout equipment down payments. Scout is a portfolio company managed by Brookfield Asset Management, a global leader of renewable power and decarbonization solutions.

Scout intends to upsize the facility to $200 million and bring in additional banks later in the year to continue to secure equipment supply for Scout's near-term advanced stage pipeline of wind, solar and storage projects.

"This financing marks the continued maturation of Scout Clean Energy as a leading fully integrated renewables IPP," said John Clapp, chief financial officer at Scout Clean Energy.   

Expanding the credit facilities is an important part of Scout's overall strategy to reduce the cost of capital, allowing Scout to be as competitive as possible in the market and provide them with the financial flexibility to meet the development needs as they grow with the pipeline.

"Rabobank is pleased to finance Scout's renewable energy equipment supply," said Claus Hertel, managing director of project finance at Rabobank Wholesale Banking North America. "This facility will accelerate its robust growth momentum and secure valuable equipment for its pipeline in wind, solar and storage. It is a testament to the strong relationship we have built with Scout since its inception and our steadfast commitment to banking the energy transition."

"Scout is excited to strengthen our existing relationship with Rabobank who has consistently supported Scout's growth over many years," explained Clapp. "With this new credit facility, we plan to aggressively push Scout's growth pipeline in wind, solar and battery storage encompassing over 19,000 megawatts of planned renewable energy build across 22 states."

About Scout Clean Energy
Scout Clean Energy is a renewable energy developer and owner-operator headquartered in Boulder, Colorado with approximately 1,000 MW of operating and under construction wind assets, and a pipeline of over 19,000 MW of wind, solar and storage projects across 22 states, including more than 2,200 MW of advanced-stage projects. Scout has expertise in all aspects of renewables project development, permitting, power marketing, finance, construction, 24/7 operations, and asset management. Scout is a portfolio company of Brookfield, which acquired Scout at the beginning of 2023. For more information, please visit www.scoutcleanenergy.com

About Rabobank
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 38 countries worldwide. Founded more than a century ago, Rabobank today is one of the world's largest banks with over $660 billion in assets. In the Americas, Rabobank Wholesale Banking North America is a premier corporate and investment bank to the food, agribusiness, commodities, and energy industries. To learn more, visit www.RabobankWholesaleBankingNA.com.

About Brookfield
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $900 billion of assets under management. Brookfield invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. Brookfield offers a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

Our operating capacity totals almost 34,000 megawatts and our development pipeline stands at approximately 157,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas, and materials recycling.

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SOURCE Scout Clean Energy