Telyon Clean Energy $100 million borrowing base facility

Davis Polk advised Investec’s U.S. Energy & Infrastructure Finance team on the structuring and arranging of a $100 million borrowing base facility to support the financing of a portfolio of renewable energy projects owned by Telyon Clean Energy. The facility is designed to support Telyon’s transition from a renewable energy developer to an owner-operator and provide financing capacity for eligible solar and battery storage projects within Telyon’s portfolio across multiple U.S. states. The facility is characterized by a structure that will allow the company flexibility to finance multiple projects simultaneously and recycle capital as its portfolio grows.

Telyon Clean Energy is a Connecticut-based developer, owner and operator of distributed solar and battery storage projects backed by GDEV Management.

GDEV Management is a New York-based, SEC-registered infrastructure investment firm affiliated with Greenbacker Capital Management, LLC. GDEV focuses on building and scaling middle-market sustainable infrastructure and distributed energy businesses.

The Davis Polk infrastructure finance team included partner Elena Maria Millerman and associates Julia Y. Chen, Max Berman, Taylor Roberson and Woudese Befikadu. Counsel Leslie J. Altus and Ziyuan (Constance) Zhang and associate Shea Jendrusina provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.