First Citizens Bank’s energy finance business provided a $60 million credit facility to Triple Oak Power, a U.S.-based renewable energy developer focused on developing sustainable energy plants.
This new credit facility will be used to provide interconnection security postings for the development of renewable project assets. First Citizens Energy Finance served as coordinating lead arranger, administrative agent and collateral agent for the transaction.
“First Citizens has a deep understanding of the renewable energy sector and the financing tools needed to bring large-scale projects to market,” Kenneth Labeja, co-founder and chief financial officer of Triple Oak Power, said. “Triple Oak has a hybrid portfolio that includes wind, solar, battery storage and natural gas projects. This financing was an important step in advancing our onshore wind portfolio, which is the cornerstone of our hybrid approach to project development.”
“We are pleased to support Triple Oak Power in advancing critical wind energy projects that will contribute to a cleaner energy future,” Mike Lorusso, group head of energy finance at First Citizens Bank, said. “This transaction underscores our commitment to supporting clients who are driving innovation and sustainability in the energy sector and to helping advance their long-term goals.”
