Toronto, Oct. 7, 2021 – Grasshopper Energy, a global clean energy leader with offices in Toronto, New York, and Tokyo closed a $48 million USD financing deal with Cincinnati-based Fifth Third Bank, National Association, in the United States.
Since its inception in 2007, Grasshopper Energy has become a leading organization in the rapidly expanding renewable energy market. The company owns $1.8 billion in current assets and a $6.5 billion development pipeline.
Grasshopper Energy is committed to the United States as a key market to deploy significant capital into renewable energy assets. Grasshopper Energy intends to significantly accelerate its growth plans to deploy further solar energy plants along the Northeast Coast, in Pennsylvania, New Jersey, and New York, while expanding development efforts in other states.
This specific investment structured with Fifth Third Bank will support four of Grasshopper’s innovative projects located in Massachusetts, accelerating the Company’s rapid expansion in the US. The projects will provide clean energy to the people of Massachusetts and feature large-scale solar-plus-battery storage, enabled by Grasshopper Energy’s operational excellence and further support the US in its clean energy transition.
“Our team is very excited to have closed this financing deal with Fifth Third Bank. We very much appreciate their team’s hard work, trust and commitment to our vision to help bring this deal to a successful close.” says Azeem M. Qureshi, CEO of Grasshopper Energy. “Grasshopper looks forward to a long-term growing relationship with Fifth Third Bank as we continue our rapid growth in the United States.”
“We are extremely excited to work with Grasshopper Energy. Our financing of Grasshopper Energy’s projects demonstrates our confidence in their team, their strategy and in their enormous potential in the U.S. market. Grasshopper Energy’s global footprint in development, construction and operations of solar energy plants will be invaluable to the growing renewable energy market in the United States,” says Eric Cohen, Managing Director, Renewable Energy Finance for Fifth Third Bank.
Grasshopper Energy is committed to investing in communities and fostering long-term partnerships by creating sustainable employment opportunities everywhere it operates with the highest level of environmental, social, and governance standards.
About Grasshopper Energy
Grasshopper Energy is a leading producer of clean energy focused on the development, acquisition, and long-term ownership of clean energy assets. Grasshopper Energy has been the recipient of multiple national industry awards including Solar Innovator of the Year, Project Finance Innovator of the Year and Solar Developer of the Year.
For more information, visit https://www.grasshopperenergy.com
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2021, the Company had $205 billion in assets and operates 1,096 full-service Banking Centers, and 2,369 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2021, had $483 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”