Navisun LLCan independent solar energy producer that jointly develops, buys, owns and operates distributed and small-scale solar and storage projects, says it has secured up to $235 million in debt financing through two facilities.
The financing will help serve more customers in solar energy production and storage, and retailers will benefit from affordable clean energy and reduced electricity costs.
The first facility is a $105 million, five-year construction loan that includes a letter of credit. In addition, the financing includes an accordion feature of up to $50 million.
Funding led MUFGwhich acted as administrative agent, issuing bank and coordinating lead arranger. Export Development Canada acted as authorized lead arranger and Wilmington Trust NA acted as collateral agent and custodian.
The second loan is a five-year loan of up to $130 million, which includes a letter of credit and a deferred loan. The facility also includes an accordion feature of up to $75 million. MUFG also led the financing of the second arrangement and acted as administrative agent, issuing bank and coordinating lead arranger. Wells Fargo Bank NA and Export Development Canada acted as authorized lead arrangers, and Wilmington Trust NA acted as collateral agent and custodian.
“The financing we have secured gives us the capital we need to continue to innovate and expand our portfolio of solar and storage projects, while continuing to deliver reliable and affordable energy solutions to our customers,” said Doug Johnsen, CEO and Partner. – Founder of Navisun.