US renewable power developer Invenergy has secured a US$1.5 billion revolving credit facility from financial company Natixis Corporate & Investment Banking.
The credit facility will be used to support Invenergy’s growing project development pipeline, and is tied to two key performance indicators, namely the increase in greenhouse gas emissions avoided related to Invenergy’s assets and a health and safety metric. The company said this financing had upsized the existing US$600 million working capital facility of Invenergy with the support of existing lenders and several new lenders joining the syndicate.
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“This financing firmly advances our ability to execute on an industry-leading project portfolio at a time of massive growth for Invenergy,” said Meghan Schultz, executive vice president and chief financial officer at Invenergy.
Yash Anand, head of energy transition and natural resources, Americas at Natixis CIB, added: “The corporate facility will expedite Invenergy’s stated goal of expanding the share of clean power generation in the US and enable the continued delivery of top quartile renewable assets. This transaction is a further testament to Natixis CIB’s continued commitment to supporting best-in-class sustainable energy platforms.”
Earlier this year, Invenergy received US$1 billion from alternative asset manager Blackstone Infrastructure for expansion. This investment was built on a previous US$3 billion investment made last year to help drive an accelerated build-out of the solar and wind developer’s clean energy platform, thus bringing the total investment from Blackstone to US$4 billion.