Onyx Renewables, a provider and owner of localized clean energy solutions, closed a $260 million credit facility to support the growth of Onyx’s portfolio of distributed energy projects across the United States.
The senior secured facility, which may be increased to $350 million, is comprised of a term loan, revolving line of credit, and a $10 million letter of credit facility that will directly support the ongoing construction and operation of Onyx’s clean energy infrastructure projects, including onsite solar PV and battery storage. These installations are expected to deliver both immediate and long-term benefits to a broad range of customers through energy cost savings, operational resiliency during outages and reduced carbon emissions.
Apterra Infrastructure Capital served as the administrative agent, lead arranger and sole bookrunner for the financing. Investec acted as a lender and letter of credit and hedge provider, and ATLAS SP Partners, the warehouse finance and securitized products business majority-owned by Apollo funds, acted as a lender for the transaction. The new loans will replace Onyx’s existing revolving credit facility and represent the company’s largest institutional capital raise to date, underscoring strong investor confidence in the company’s proven development, construction and operating capabilities.
“This financing structure supports the growth and value created by the Onyx team and enables us to address the urgent need for implementing cost-effective, resilient power solutions in the commercial and industrial sectors,” Mary Beth Mandanas, CEO of Onyx Renewables, said. “We are well-positioned to further scale and deliver the best-in-class, quality solutions our customers expect.”
“Apterra is proud to have led this milestone transaction for Onyx, supporting the company’s continued growth and development of high-quality renewable energy projects,” Michael Pantelogianis and Ralph Cho, co-CEOs of Apterra, said. “These projects are poised to deliver cost-competitive clean energy to a broad range of customers, and we believe the transaction demonstrates the types of customized infrastructure finance solutions that Apterra can provide to leading developers and operators.”
