Onyx Renewables has secured the closing of a $260 million credit facility. The credit facility will be used to support the growth of the company’s portfolio of distributed energy projects across US. The facility comprises a term loan, revolving line of credit, and a $10 million letter of credit facility that will directly support the ongoing construction and operation of Onyx Renewables’ clean energy infrastructure projects, including onsite solar PV and battery storage.
The secured facility may be increased to $350 million. Furthermore, the new loans will replace the company’s existing revolving credit facility. Apterra Infrastructure Capital served as the administrative agent, lead arranger, and sole bookrunner for the financing. Additionally, Investec acted as a lender, letter of credit, and hedge provider. ATLAS SP Partners, the warehouse finance and securitised products business majority owned by Apollo funds, acted as a lender for the transaction.
Onyx Renewables is a US-based provider of clean energy and decarbonization solutions to commercial and industrial businesses, real estate operators, and large-scale facilities. It designs, develops, finances, constructs, operates, and maintains its projects and portfolios. The company has completed over 380 projects.
