The source for the latest investor and general business news. Tuesday, 21 March 2023 Submit press release
Navisun
Hingham, US, Mar. 13, 2023, 08:47 am EST
Navisun Secures up to $235 Million in Financing to Fuel Growth

Two financing facilities provide strong foundation for Navisun's continued expansion in the clean energy space

Mace's Pond, a Navisun owned agrivoltaic project in Rockport, Maine. img#1
Mace's Pond, a Navisun owned agrivoltaic project in Rockport, Maine.

Navisun Secures up to $235 Million in Financing to Fuel Growth

Navisun LLC, a solar independent power producer that co-develops, acquires, owns, and operates distributed and small utility-scale solar and storage projects, announced that it has secured up to $235 million in debt financing through two facilities.

The financing will support the company's growth strategy, allowing it to execute on its project pipeline in order 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, which includes a letter of credit facility. In addition, the financing incorporates an up to $50 million accordion feature allowing the company flexibility to upsize as its portfolio grows.

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.

"As a leading clean energy company, Navisun is committed to advancing the transition to a sustainable and equitable energy future," said Doug Johnsen, managing partner and co-founder of Navisun.

"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. We look forward to working with our financing partners as we continue to scale our business," he added.

As more companies and investors recognize the potential of clean energy, there will be increased demand for financing solutions that support sustainable energy projects. This trend is likely to continue as renewable energy becomes more cost-effective and reliable, making it an attractive alternative to traditional fossil fuels. With a strong portfolio of solar projects, a commitment to sustainability, and flexible financing options, Navisun is poised to continue its expansion and make a significant impact in the renewable energy sector.