NY Green Bank provided a senior secured $35.0 million term loan facility to Generate PPL SPV I (“Borrower”), which is owned by Generate Lending, LLC (“Parent”), a limited liability company that is owned by Generate Capital, Inc. (“Sponsor” or “Generate”). Loan proceeds will refinance a portion of a senior secured term loan between the Parent and Plug Power, Inc. This transaction is expected to result in increased Sponsor investment in New York State clean energy projects that amount to at least $35.0 million. Generate is an investment and operating platform that finances, acquires, builds, owns and operates sustainable infrastructure in the United States. It has a NYS portfolio and pipeline that includes rooftop solar, community solar, anaerobic digesters, and fuel cells. NYGB entered into this $35.0 million Facility to support Generate and leverage its illiquid position in a senior secured loan with Plug Power. By demonstrating the attractive risk-adjusted returns from sustainable infrastructure projects, Generate and NYGB expect this transaction to serve as an important precedent and signal that will usher in capital for clean energy investments in NYS and grow the market for these solutions.
