First Citizens Bank Secures $145 Million Financing for Linea Energy
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First Citizens Bank Secures Milestone Financing for Linea Energy
First Citizens Bank has recently announced its role as the lead arranger for a substantial $145 million financing deal aimed at supporting Linea Energy LLC in its goal to advance renewable energy projects across the United States.
About Linea Energy LLC
Founded in 2002 and based in San Francisco, Linea Energy is dedicated to fostering renewable energy solutions. This independent power producer specializes in the development, ownership, and management of clean energy infrastructure, positioning itself as a key player in the evolving landscape of sustainable energy. It is also a part of the portfolio managed by EnCap Investments L.P., emphasizing its credibility and direction in the energy sector.
Financing Structure and Purpose
The comprehensive financing package includes a revolving credit facility, a letter of credit, and a term loan. These financial resources are set to facilitate the growth of Linea's diverse project pipeline, which is focused on enhancing the use of clean energy sources and fostering environmental sustainability across the nation.
Key Quotes from Leadership
"The closing of this credit facility marks a pivotal moment in Linea Energy's journey as a crucial developer in the renewable energy sector," remarked Cassidy DeLine, the Chief Executive Officer of Linea Energy. The collaboration with First Citizens Bank has been instrumental in reaching this important milestone.
Mike Lorusso, head of First Citizens Bank's Energy Finance business, noted, "We are delighted to partner with Linea in creating this innovative credit facility. This arrangement harmonizes both corporate and project financing elements, which are critical in supporting Linea's impressive and varied project portfolio." This partnership underscores First Citizens' strong commitment to delivering tailored financial solutions to leading figures in the renewable energy space.
About First Citizens Bank
First Citizens Bank is committed to empowering individuals and businesses to achieve financial strength. With headquarters in Raleigh, N.C., the bank boasts a long-standing legacy of reliability and forward-thinking. It operates a network of over 500 branches and offices throughout 30 states, offering a comprehensive range of banking services including commercial expertise, innovation banking for growing businesses, and a nationwide direct banking service. As a part of First Citizens BancShares, Inc. (NASDAQ: FCNCA), a top 20 financial institution in the U.S. with more than $200 billion in assets, the bank plays a vital role in America's economic landscape.
Continued Commitment to Renewable Innovations
First Citizens Energy Finance, a specialized division within the bank, utilizes its extensive industry insights to deliver a variety of financing solutions that support both renewable and conventional power generation initiatives. The unit oversees a diverse portfolio that encompasses various energy asset classes, reinforcing its position as a leader in energy finance solutions.
Frequently Asked Questions
What is the purpose of the $145 million financing?
The financing aims to support the development and growth of Linea Energy's diversified project pipeline focusing on renewable energy projects.
Who is Linea Energy LLC?
Linea Energy is a renewable energy platform and independent power producer that specializes in clean energy infrastructure. It operates under EnCap Investments L.P.
What types of financing were included in the deal?
The financing package includes a revolving credit facility, a letter of credit, and a term loan.
How does First Citizens Bank support renewable energy projects?
First Citizens Bank partners with companies like Linea Energy to provide tailored financial solutions that facilitate the advancement of renewable energy initiatives.
What services does First Citizens Bank offer?
First Citizens Bank offers a range of services, including personal and commercial banking, lending, leasing, innovation banking, and more through its extensive branch network.
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