Navisun Secures up to $235 Million in Financing to Fuel Growth
Summary
March 13, 2023 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 nancing through two facilities.The nancing will support the companys growth strategy, allowing it to execute on its project pipeline in order to serve additional customers with solar energy generation and storage, with offtakers beneting 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 nancing was led by MUFG, which acted as administrative agent, issuing bank, and coordinating lead arranger. MUFG also led the nancing for the second facility, as well as serving as administrative agent, issuing bank, and coordinating lead arranger. 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 nancing 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. This trend is likely to continue as renewable energy becomes more cost-effective and reliable, making it an attractive alternative to traditional fossil fuels.