Linea Energy has announced raising $145 million in finance for its RE pipeline
The proceeds will help it advance 4 GW of technologically diversified projects
Doral Renewables has also raised $285 million for 900 MW for the Mammoth PV Project
California, US based renewable energy developer and independent power producer (IPP) Linea Energy has achieved the financial close of a $145 million corporate revolving credit facility to advance its 4 GW renewables portfolio.
Linea said the 4 GW comprises a technologically and geographically diversified project pipeline. The company operates in the wind, solar and battery energy storage project space.
EnCap Investments sponsored Linea raised the proceeds from a consortium of lenders. The list includes First Citizens Bank as the sole coordinating lead arranger and administrative agent, Santander Bank, Macquarie Group, and ICBC Standard Bank.
The financing includes both corporate and project finance. Linea said this credit facility provides it flexible access to both cash borrowings and letter of credit capacity.
“With the enhanced financial flexibility that the credit facility provides, the Company is positioned to capitalize on today’s increasingly complex renewable energy landscape, characterized by longer interconnection timelines and higher financial security requirements,” stated Linea.
Another US-based renewable energy developer Doral Renewables LLC has secured $285 million in project debt financing for its Mammoth Solar Complex in Northern Indiana’s Pulaski County. It has already completed construction on phase I of the Mammoth Complex, Mammoth North Project with 400 MW capacity.
The latest financing will support the development of the remaining 3 phases of 300 MW each -- Mammoth South, Mammoth Central I, and Mammoth Central II. At these projects, it will integrate livestock grazing and crop cultivation on-site to advance agrivoltaic initiatives, it added. The projects will be constructed by the EPC company Bechtel.
Doral says it has secured power purchase agreements (PPA) for each of the Mammoth Solar Project sections with leading investor-owned utilities. These will help the project with long-term energy and renewable energy certificate revenues.
Out of the $285 million, $200 million is a construction loan facility and $85 million of additional support via letters of credit. It arranged the financing from KeyBanc Capital Markets, HSBC and Santander Corporate & Investment Banking.
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