Ameresco, an energy efficiency and renewable energy company, entered into an amendment and restatement to the company’s current senior secured credit facility with a group of lenders led by Bank of America. This amendment and restatement resulted in a $262 million increase, bringing Ameresco’s credit facility total to $495 million.
BofA Securities, Fifth Third Securities and KeyBanc Capital Markets acted as joint lead arrangers and joint bookrunners. Webster Bank acted as co-documentation agent and Bank of America is acting as administrative agent for the facility.
The financing was secured with Bank of America and included an increase in Ameresco’s revolver to $200 million, as well as an increase to the existing term loan to $75 million and a new 18-month delayed-draw term loan A of up to $220 million. Ameresco plans to use the facility to fund various near and long-term growth objectives, including support of Ameresco’s design-build agreement with Southern California Edison’s 537 megawatt large distribution battery energy storage systems and longer-term goals such as growth of Ameresco’s energy asset portfolio, potential acquisition opportunities and general corporate purposes.
“This large-scale facility will provide a low cost and flexible source of capital as we continue to develop and diversify our portfolio of cleantech solutions and renewable energy projects,” Doran Hole, EVP and CFO at Ameresco, said. “We are grateful that Bank of America has continued to share our vision for a more sustainable future through energy resiliency and efficiency solutions.”
“We welcomed the opportunity to again work with our long-time client, Ameresco, Inc., and to support the continued growth of the company. The increased financial capacity behind this amendment speaks to our shared commitment for a greener future,” Michael Palmer, market executive at Bank of America, said. “At Bank of America, we help our clients access financial resources to achieve success in making the world more sustainable.”
