US IPP Navisun bags US$235 million in financing to fund growth

March 14, 2023
Facebook
Twitter
LinkedIn
Reddit
Email
Mace’s Pond, a Navisun owned agrivoltaic project in Rockport, Maine. Image: Navisun

US independent power producer (IPP) Navisun has secured financing of up to US$235 million through two debt facilities, which it says will contribute to its growth strategy and executing its project pipeline.

The financing was delivered through a US$105 million construction credit facility and a US$130 million loan facility, both led by Japanese bank MUFG. Both facilities contained accordion features to the tune of US$50 million and US$75 million which will allow Navisun flexibility as its portfolio grows.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The company, a subsidiary of global infrastructure investor OMERS Infrastructure, develops and operates distributed and smaller utility-scale solar projects, with a focus on integrating agrivoltaics and pollination. In 2021 the company announced its pollinator scheme which integrates sustainable habitats for pollinators on its solar sites.

It also develops community solar projects. Research from Wood Mackenzie last month forecast that the US community solar market is set to double in the next five years.  

Doug Johnsen, managing partner and co-founder of Navisun said: “The financing facilities we have secured provide us with the necessary capital to continue to innovate and expand our portfolio of solar and storage projects, while also continuing to deliver reliable and affordable energy solutions to our customers.”

A recent study from Cornell University found that growing crops beneath solar panels can improve their performance. This is largely due to increased airflow around raised panels and water evaporation from plants that cools the panels.

The latest edition of our quarterly downstream journal, PV Tech Power, features a deep dive into agrivoltaics.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 29, 2025
The European Bank for Reconstruction and Development (EBRD) has provided US$142 million in financing for the construction of a 1GW solar and 1.3GWh BESS portfolio in Uzbekistan.
October 29, 2025
NextEra Energy Resources added 3GW of new renewable energy generation and storage capacity to its portfolio in the third quarter of 2025.
October 29, 2025
French firms TotalEnergies and EDF, with local partners, secured contracts for 400MW and 600MW solar projects in Saudi Arabia, supporting Vision 2030 renewable goals.
October 29, 2025
US solar manufacturer Corning has brought online its wafer production at its Michigan plant, during the third quarter of 2025.
October 28, 2025
GreenYellow plans to invest US$116 million in Poland over the next three years to expand its installed capacity and customer base.
Premium
October 28, 2025
BESS are 'the new player that everyone is talking about,' in Europe’s power purchase agreement (PPA) space, according to LevelTen.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany