Navisun LLC, a solar independent power producer that co-develops, acquires, owns and operates distributed and small utility-scale solar and storage projects, says it has secured up to $235 million in debt financing through two facilities.
The financing will help to serve additional customers with solar energy generation and storage, with offtakers benefiting from affordable clean energy and decreased electricity cost.
The first facility is a $105 million, five-year revolving construction credit facility that includes a letter of credit facility. In addition, the financing incorporates an up to $50 million accordion feature.
The financing was led by MUFG, which acted as administrative agent, issuing bank and coordinating lead arranger. Export Development Canada acted as mandated lead arranger, and Wilmington Trust N.A. acted as collateral agent and depository.
The second facility is an up to $130 million, five-year term loan facility, which includes a letter of credit facility and a delayed-draw term loan. The facility also includes an up to $75 million accordion feature. MUFG also led the financing for the second facility, as well as serving as administrative agent, issuing bank and coordinating lead arranger. Wells Fargo Bank N.A. and Export Development Canada acted as mandated lead arrangers, and Wilmington Trust N.A. acted as collateral agent and depository.
“The financing facilities we have secured provide us with the necessary capital to continue to innovate and expand our portfolio of solar and storage projects, while also continuing to deliver reliable and affordable energy solutions to our customers,” says Doug Johnsen, managing partner and co-founder of Navisun.