US renewables developer Redeux Energy Partners has secured a US$30 million revolving letter of credit (LC) facility from Australian financial services company Macquarie Group.

The LC will enable Redeux to cover development costs tied to interconnection and power purchase agreement (PPA) commitments across its utility-scale project pipeline.

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This pipeline includes 7GW of planned solar generation and 12GWh of energy storage capacity across major US power markets including Electric Reliability Council of Texas (ERCOT), Midcontinent Independent System Operator (MISO), California Independent System Operator (CAISO), Southeastern Reliability Corporation (SERC), and Western Electricity Coordinating Council (WECC).

Rob Masinter, CEO of Redeux Energy, said the new letter of credit facility would allow the company to move high-quality projects further along the development pipeline, reducing risk for its partners and increasing project value. Furthermore, he added that Redeux is looking forward to expanding the facility in the future.

Artola Capital Partners LLC (ACP) served as the financial advisor to Redeux for the transaction, while Holland & Hart LLP provided legal counsel. While Macquarie was advised by Willkie Farr & Gallagher LLP as its legal counsel.

Denver, Colorado-headquartered Redeux, established in 2020, is set to tap into the projected addition of 300GW of new capacity over the next decade. To date, the firm has divested nearly 700MW of utility-scale solar and hybrid project capacity to independent power producers (IPPs).

Additionally, Redeux is actively marketing a mid-stage portfolio featuring 1.5GW of solar and 3.4GWh of energy storage projects. These assets are located across the MISO, ERCOT, and SERC markets, with transactions expected to close in the second half of 2025.

In 2021, the company announced plans to build a 2GW pipeline of utility-scale solar and storage projects within 12 to 18 months. Based in Colorado, Redeux carried out a multi-state development strategy, with initial projects expected online between 2024 and 2026.

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