Advanced Power, a developer, manager, and owner of diverse utility-scale energy-infrastructure assets, closed a $100 million corporate credit facility to further its corporate goals and company vision of advancing a sustainable, reliable energy future.
The company was advised by PEI Global Partners, alongside Linklaters and Nixon Peabody as legal counsel. It closed the underwritten credit facility via commitments from Nomura Securities International and Sumitomo Mitsui Banking as coordinating lead arrangers. Norton Rose Fullbright US advised the lenders as legal counsel.
“Advanced Power is committed to bringing low- and no-carbon electric generating facilities to regions with unprecedented demand growth due to data center development, population shifts and electrification of the economy,” Tom Spang, CEO of Advanced Power, said. “We are pleased with the market’s continued recognition of our successful track record, strong business plan and future growth prospects.”
“We are honored to have advised Advanced Power on this credit facility,” John Bills, partner at PEI Global Partners, said. “This financing is another indicator of Advanced Power’s proven ability to execute on its low- and no-carbon energy strategy by delivering renewable and high-efficiency projects and converting them into operational assets. This capital will enable Advanced Power to continue delivering innovative, reliable energy infrastructure that supports both economic and environmental goals across key U.S. markets.”
The new $100 million credit facility boosts Advanced Power’s ability to provide financial security and fund deposits for equipment, commercial offtake and other project development needs. This capital positions the company to develop its 8-gigawatt (GW) pipeline throughout the United States, including the Desert Southwest, ERCOT, MISO, PJM and SPP power markets.
