Exus Renewables has closed a $400 million senior secured corporate credit facility backed by Exus Renewables North America. The facility was arranged by a multi-bank syndicate led by Santander, Barclays, Nomura, ING, KeyBanc, and BHI. Proceeds will fund interconnection deposits, equipment procurement, and late-stage development across Exus’ U.S. wind, solar, and storage pipeline.

The key signal is not the size of the facility. It is the structure. This is corporate-level debt supporting development spend, not asset-level project finance tied to notice-to-proceed. Lenders are advancing capital earlier in the lifecycle because Exus has already locked in long-term PPAs with investment-grade counterparties like Google and Meta.

This marks a shift in how development risk is being financed. Instead of recycling equity or relying on expensive holdco capital, developers with credible offtake are now using balance-sheet debt to move projects through interconnection and procurement faster. That compresses timelines and preserves equity for construction or portfolio rotations.

Commercially, this changes who can scale. Developers without contracted offtake remain constrained by milestone-based funding and higher cost capital. Those with hyperscaler PPAs can lever their platforms earlier and build optionality across a multi-gigawatt pipeline.

The broader market signal is clear. Banks are no longer waiting for steel in the ground. They are underwriting execution capability and counterparty risk. Corporate PPAs are becoming the gatekeeper to low-cost development capital, not just a revenue hedge.

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