Onyx Renewables Gains Major Funding for Clean Energy Growth
Onyx Renewables, a front-runner in localized clean energy solutions, has successfully secured a significant $260 million credit facility to expand its distributed energy projects across the United States. This strategic move is not just about funding; it represents a robust commitment to transforming energy delivery and sustainability in various sectors.
Details of the Funding Facility
The $260 million facility, which has the potential to increase to $350 million, includes a combination of a term loan, a revolving line of credit, and a $10 million Letter of Credit facility. This funding will be instrumental in supporting ongoing construction and operational activities for Onyx’s clean energy projects, particularly onsite solar PV installations and battery storage systems. Using these innovations, Onyx aims to provide substantial energy cost savings, enhance operational resilience during power outages, and significantly reduce carbon emissions for a diverse customer base.
Key Financial Partners in the Transaction
Apterra Infrastructure Capital is the leading financial agent in this deal, taking on the roles of Administrative Agent, Lead Arranger, and Sole Bookrunner. Partnering with them are Investec, which acts as a lender and provides the Letter of Credit and Hedge, alongside ATLAS SP Partners, which is a significant force in warehouse finance and securitized products. This collaboration marks a historic moment for Onyx Renewables, as it replaces an existing credit facility, standing as the company's largest institutional capital raise to date. Such a milestone underscores the strong trust investors place in Onyx's capabilities in development, construction, and energy operations.
CEO's Perspective on the Funding
Mary Beth Mandanas, CEO of Onyx Renewables, expressed her excitement regarding this financing structure. She emphasized that it not only supports the company's growth trajectory but also addresses the pressing demand for effective and resilient power solutions in the commercial and industrial landscape. "We are well-positioned to further scale and deliver best-in-class solutions that meet our customers' expectations," Mandanas stated, highlighting the firm’s dedication to excellence.
Leadership Endorsements for the Initiative
Michael Pantelogianis and Ralph Cho, the co-CEOs of Apterra, shared their pride in leading this crucial transaction for Onyx. They articulated their belief that the projects backed by this financing would provide competitively priced clean energy to a wide range of customers. Furthermore, they highlighted how this deal exemplifies the tailored infrastructure finance solutions that Apterra can offer to prominent developers and operators in the renewable energy landscape.
About Onyx Renewables
Onyx Renewables is at the forefront of enabling companies to transition from current clean energy capabilities to a future filled with potential. As a nationwide leader in localized clean energy solutions, Onyx utilizes its extensive industry expertise to design, finance, and manage projects that yield immediate economic savings and foster sustainability for commercial, industrial, and institutional clients. By integrating solar energy and battery storage technologies, Onyx navigates energy complexities, delivering impactful solutions that contribute to a sustainable future.
About Apterra Infrastructure Capital
Apterra, affiliated with Apollo Global Management, specializes in delivering innovative financing solutions tailored for infrastructure projects. With a strong emphasis on client-centric services, Apterra empowers developers and financial sponsors to optimize resource management and enable sustainable growth. Their established distribution network enhances access to capital, fostering strong relationships that create enduring value. Through its commitment to operational integrity, Apterra champions growth within the infrastructure sector.
Frequently Asked Questions
What is the purpose of the $260 million credit facility?
The credit facility is intended to support the growth and development of Onyx’s localized clean energy projects across the U.S., including solar PV installations and battery storage.
Who are the financial partners involved in this transaction?
Apterra Infrastructure Capital leads the financing, with Investec and ATLAS SP Partners also playing crucial roles as lenders and financial supporters.
How will this funding benefit Onyx’s customers?
This funding will enable Onyx to deliver cost savings through energy efficiency, enhance resiliency against outages, and contribute to reduced carbon emissions.
What is Onyx Renewables’ core mission?
Onyx aims to provide localized clean energy solutions that yield economic savings and sustainability for diverse commercial and industrial clients.
How is Apterra Infrastructure Capital positioned in the market?
Apterra specializes in providing customized financing solutions for infrastructure projects, focusing on long-term growth and operational excellence for clients.
