Nautilus Solar Energy, a large community solar businesses in the U.S., renewed its construction debt facility with a total commitment of $600 million. The transaction was backed by Nautilus’s lender base and will support the construction of approximately 200MW community solar projects across the company’s portfolio.
National Bank of Canada Capital Markets, Royal Bank of Canada and Export Development Canada served as co-lead arrangers on the facility, with National Bank of Canada acting as sole bookrunner, administrative agent, issuing bank and collateral agent. Federation Des Caisses Desjardins Du Quebec, Siemens Financial Services, The Huntington National Bank and Sumitomo Mitsui Banking also participated in the facility as lenders.
“This facility reflects the deep relationships and trust that we’ve earned with the institutional lending community,” Camelia Miu, chief financial officer of Nautilus, said. “The size of commitment and the caliber of the partners that have committed to this facility is also a testament to our track record of execution and the strength of our portfolio. Importantly, in a time of rising electricity costs, this capital accelerates our ability to deliver affordable energy to a wider breadth of customers living in the communities that we serve.”
Vincent Guimond, managing director of National Bank of Canada Capital Markets, added, “We are pleased to support Nautilus and strongly value our continued partnership. At National Bank of Canada, we’re proud to support high-quality renewable energy platforms that help expand access to affordable, locally generated clean power.”
Legal counsel for Nautilus was provided by Greenberg Traurig and Norton Rose Fulbright U.S. provided legal counsel for the lending parties.
