Advanced Power closed a $60 million capital facility at its corporate level through Crédit Agricole Corporate and Investment Bank (CIB). The new line of credit will support Advanced Power in delivering its North American pipeline of renewables projects.
“We’re pleased with this vote of confidence from Crédit Agricole on Advanced Power’s ongoing business, track record and future growth prospects,” Tom Spang, CEO of Advanced Power, said. “We know that Crédit Agricole CIB places sustainable development at the heart of its activities and advancing a sustainable energy future is at the heart of ours.”
“Crédit Agricole CIB is proud to support Advanced Power and its ongoing efforts toward decarbonization in the energy sector,” Evan Levy, managing director of Crédit Agricole CIB, said.
The new $60 million credit facility enhances Advanced Power’s corporate liquidity to post letters of credit or fund deposits on equipment, security and/or interconnection payments.
