Ameresco, a cleantech integrator specializing in energy efficiency and renewable energy, has successfully secured a $100 million second lien debt financing with Nuveen Energy Infrastructure Credit. This financing provides Ameresco with balance sheet stability.
“We’re thrilled to be working with Nuveen, who have proven in short order to be a flexible and creative financing partner,” Doran Hole, chief financial officer at Ameresco, said. “With the extension of the delayed draw term loan A, we began exploring potential partners for creative debt capital. The company continues to invest in assets from its development pipeline as well as explore opportunistic acquisitions, seeking to enhance shareholder value through investment returns that exceed its cost of capital. The competitive interest rate and the long tenor of the Nuveen financing supports these efforts and solidifies a new relationship with a multi-faceted lending and investment platform that we expect to contribute to the company’s future growth.”
“We look forward to our partnership with Ameresco and are excited to provide long-term financing to support its growing business” Don Dimitrievich, portfolio manager of Nuveen’s energy infrastructure credit business, said. “Supporting best-in-class energy efficiency and renewable energy operators like Ameresco is fundamental to our business.”
The financing is leverage-neutral for the quarter ended June 30, 2024, as the net proceeds were used to pay off the remaining balance of the company’s delayed draw term loan A, with the remaining funds being applied to reduce the outstanding balance on the company’s senior secured revolving credit facility.
“We extend our gratitude to our Senior Secured Lenders for their cooperation and to Nuveen for their approval and closure of this transaction, as formalized through the sixth amendment to our senior secured credit facility,” Hole said.
The full second lien agreement and the sixth amendment to the company’s senior secured credit facility were filed with the SEC on Form 8-K on July 1, 2024. Oppenheimer acted as the lead arranger for the transaction.
