Rabobank provided a $50 million debt facility to help Redaptive, a San Francisco-based company providing energy and metering solutions to companies in a variety of industries, expand its commercial and industrial customer base. Rabobank acted as sole mandated lead arranger, administrative agent and collateral agent for the facility.
“Redaptive is a pioneer in the growing energy-as-a-service (EaaS) industry, and Rabobank is proud to provide the funding that will help Redaptive drive its customers’ sustainability goals of reducing their energy consumption and associated costs,” Claus Hertel, managing director of project finance at Rabobank North America, said. “This credit facility supports the energy saving contracts Redaptive signs with its commercial and industrial customers.”
EaaS continues to grow in North America and is becoming increasingly relevant as organizations seek to improve building efficiency to reduce operating costs and greenhouse gas emissions. Energy and sustainability services reduce downtime, mitigate risks and increase the profitability of an organization’s assets. They also help companies attain LEED and green building certifications, which are important and desired designations as ESG protocols are implemented.
“We’re excited to partner with Rabobank to grow our platform in the commercial and industrial markets and enable more organizations to meet their energy reduction goals,” Matt Gembrin, CFO of Redaptive, said. “This facility lowers the cost of doing business, diversifies our funding resources and allows us to provide our customers with the most competitive solutions in the marketplace.”