Navisun Secures $235 Million to Fuel Solar Projects' Growth

Mar 14, 2023 11:41 AM ET
  • The very first facility is a $105 million, 5-year revolving construction credit facility.
  • The 2nd facility is an as much as $130 million 5-year term loan facility, that includes a letter of credit facility and also a delayed-draw term loan.

Manhattan-based solar energy player Navisun LLC has actually announced that it has actually secured approximately $235 million in the red financing via 2 facilities.

Navisun is a solar independent power manufacturer that co-develops, acquires, has, and also operates distributed and little utility-scale solar and storage space projects. Navisun claimed that the financing will certainly support its growth strategy, allowing it to carry out on its project pipeline in order to serve added customers with solar energy generation and storage space, with offtakers taking advantage of affordable clean energy and reduced electrical energy cost.

The initial facility is a $105 million, five-year revolving construction credit facility. Navisun stated that this consists of a letter of credit facility. The financing incorporates an approximately $50 million accordion attribute enabling Navisun flexibility to upsize as its portfolio grows. The financing round was led by Mitsubishi UFJ Financial Group (MUFG). Export Development Canada was lead arranger and Wilmington Trust was collateral agent as well as depository.

According to Navisun, the 2nd facility is an approximately $130 million five-year term loan facility, which includes a letter of credit facility as well as a delayed-draw term loan. The facility also includes an as much as $75 million accordion feature.

" As a leading clean energy firm, Navisun is committed to progressing the change to a sustainable and equitable energy future," claimed Doug Johnsen, handling partner as well as co-founder of Navisun.

He included, "The financing facilities we have actually secured give us with the needed capital to remain to innovate and also broaden our portfolio of solar and storage projects, while also continuing to supply dependable as well as affordable energy options to our customers. We anticipate collaborating with our financing companions as we continue to scale our company."

Navisun said that with a solid portfolio of solar projects, a commitment to sustainability, and also flexible financing choices, the firm is poised to continue its development as well as make a considerable influence in the renewable resource industry.

The solar company digs in dispersed and little utility-scale solar projects. It has finished various projects for community, industrial, commercial, energy, as well as institutional partners throughout the US. Its typical project sizes vary from 1 MW to 30 MW.

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