- Advanced Power has secured capital financing to develop its US project pipeline
- $60 million Crédit Agricole CIB financing will support the development of 8 GW of renewables capacity
- Most of the projects already existing in the pipeline include 849 MW solar facilities
Switzerland headquartered renewables developer Advanced Power has raised $60 million capital facility from Crédit Agricole Corporate and Investment Bank (CIB) to speed up the development of 8 GW US renewables and low-carbon pipeline.
Advanced Power is focused on solar, natural gas and wind energy projects in the US and Europe. This 8 GW pipeline is located across Desert Southwest, ERCOT, PJM and MISO markets in the US. Some of the projects in the pipeline comprise solar energy facilities as 189 MW DC Talitha Energy, 232 MW DC Oriana Solar, 238 MW DC Eldora Energy, and 190 MW DC Elio Energy.
For all these facilities, it has an option to add battery storage of unidentified capacity as well.
Advanced Power said the new credit facility greatly enhances its corporate liquidity to post letters of credit (LC) or fund deposits on equipment, security, or interconnection payments, all essential to project development process.
“Crédit Agricole CIB is proud to support Advanced Power and its ongoing efforts toward decarbonization in the energy sector,” added Managing Director of Crédit Agricole CIB Evan Levy.
Earlier this month, Advanced Power sold 100% of its stake in 272 MW Cutlass Solar II LLC to Turkey’s Sabanci Renewables (see North America PV News Snippets).
