Advanced Power Closes $100M Corporate Credit Facility
Summary
Advanced Power is an industry-leading developer, manager, and owner of diverse utility-scale energy-infrastructure assets, including renewables, battery energy storage systems (BESS), high-efficiency combined-cycle natural gas turbine (CCGT) facilities and modern peaker units.The company was advised by PEI Global Partners, alongside Linklaters LLP and Nixon Peabody as legal counsel. "Advanced Power is committed to bringing low- and no-carbon electric generating facilities to regions with unprecedented demand growth due to data center development, population shifts and electrification of the economy," said CEO Tom Spang. "This financing is another indicator of Advanced Powers proven ability to execute on its low- and no-carbon energy strategy by delivering renewable and high-efficiency projects and converting them into operational assets. "The new $100 million credit facility boosts Advanced Powers ability to provide financial security and fund deposits for equipment, commercial offtake and other project development needs. This capital positions the company to develop its 8-gigawatt (GW) pipeline throughout the United States, including the Desert Southwest, ERCOT, MISO, PJM and SPP power markets.