Advanced Power backs 8-GW renewables pipe with CIB debt

• Switzerland-based power manufacturer Advanced Power has gotten USD 60 million (EUR 60.8 m) in the red funding to speed up the growth of its 8-GW pipeline of renewable resource projects in the US.

The business claimed on Monday that the corporate-level credit center was extended by Credit Agricole Corporate and also Investment Bank (CIB), an unit of French lender Credit Agricole (EPA: ACA).

Particularly, the fresh funds will be alloted for Advanced Power's development pipe situated across the Desert Southwest, ERCOT, PJM and MISO electricity markets. Among the projects included in the bundle are solar photovoltaic (PV) schemes with private capacities of about 200 MW DC, all of which with optional battery storage space.

Advanced Power kept in mind that the finance "considerably enhances" its corporate liquidity to post Letters of Credit (LCs) or fund deposits on equipment, protection, or interconnection settlements.

The Swiss firm, which is doing business in Europe as well as The United States And Canada, is establishing solar, wind as well as natural gas projects. According to its website, it has functional solar parks in New York, Texas and Massachusetts.