Market News / Story
New ERA Energy & Digital Secures $116 Million Standby Letter of Credit From Macquarie
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New ERA Energy & Digital entered into a Letter of Credit Reimbursement Agreement with Macquarie Bank to back a $116.0 million standby letter of credit supporting PowerCo's obligations under its PPA with Luminant. Drawings are reimbursable with interest at 12% per annum, and the facility carries a 1.00% fronting fee at issuance plus a 2.00% annual letter of credit fee. Obligations are secured by cash collateral equal to at least 102% of the undrawn amount (about $118.3…