WGL Energy Systems, Inc. (WGL Energy), a WGL company, announced that it has secured a $75 million 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 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,” said Sanjiv Mahan, President of WGL Energy. “M&T Bank was instrumental in providing us with a creative and structured solution to our specific financing needs.”
“We are committed to providing solutions to help grow clean energy and meet the project financing needs of our customers,” said Eric Heintz, Director of Energy Finance for M&T Bank. “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.”
About WGL and WGL Energy
The WGL family of companies − Washington Gas, WGL Energy, WGL Midstream and Hampshire Gas − are now indirect, wholly-owned subsidiaries of AltaGas Ltd [TSX:ALA]. WGL is headquartered in Washington, D.C., and is a leading source for clean, efficient and diverse energy solutions. With activities and assets across the U.S., WGL provides options for natural gas, electricity, green power and energy services, including generation, storage, transportation, distribution, supply and efficiency. Our calling as a company is to make energy surprisingly easy for our employees, our community and all our customers. Whether you are a homeowner or renter, small business or multinational corporation, state and local or federal agency, WGL is here to provide Energy Answers. Ask Us. For more information, visit us at wgl.com and @wglanswers.
WGL Energy delivers a full spectrum of energy offerings, including electricity, natural gas, renewable energy, carbon reduction, distributed generation and energy efficiency solutions provided by WGL Energy Services, Inc. and WGL Energy Systems, Inc. To learn more, visit us at www.wglenergy.com. Follow us at @wglenergy on Twitter and WGL Energy on LinkedIn.
About M&T Bank
M&T Bank Corp. is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.
