Two financing facilities provide strong foundation for Navisun’s continued expansion in the clean energy space
HINGHAM, Mass., March 13, 2023 /PRNewswire/ — 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.
Navisun LLC is a solar independent power producer within the United States that co-develops, acquires, owns, and operates distributed and small utility-scale solar projects. The Navisun team has completed numerous projects for municipal, commercial, industrial, utility, and institutional partners throughout the United States, with typical project sizes ranging from 1 to 30 megawatts. For more information, visit www.navisunllc.com.
Navisun is a portfolio company of OMERS Infrastructure. OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, a defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure currently has approximately C$34 billion in assets under management and over 30 investments, principally in North America, Europe and Asia-Pacific and across sectors including energy, digital services, transportation and government-regulated services. OMERS Infrastructure has employees in Toronto, New York, the U.K., Continental Europe (including Amsterdam, NL), Asia and Australia. More information: www.omersinfrastructure.com.
Media Contact – Navisun