Redeux Energy Partners, a utility-scale solar and energy storage development company, closed its new $30 million revolving letter of credit facility with Macquarie Group. The new LC facility will allow Redeux to finance development expenses related to interconnection and power purchase agreement obligations for its utility-scale project pipeline, currently totaling 7 GW of solar generation capacity and 12 GWh of storage capacity spanning ERCOT, MISO, CAISO, SERC and WECC energy markets. Macquarie’s commodities and global markets business is the sole issuer and administrative agent for this new facility.
“Leveraging the new LC Facility, Redeux can advance high quality projects further through the development lifecycle, derisking projects for our Independent Power Producer (IPP) partners and earning more value,” Rob Masinter, CEO of Redeux Energy, said. “We are grateful to Macquarie for their support and look forward to expanding the LC Facility in the years to come.”
“We are pleased to provide the LC Facility, supporting Redeux’s business plan to meet rapidly growing demand for electricity with reliable renewable energy generation and storage,” Sherri Brudner, managing director in Macquarie’s commodities and global markets business, said. “Redeux has made significant accomplishments to date in several key markets, and this financing further equips Redeux with the financing needed for its utility-scale project pipeline.”
“The board is thrilled that Redeux has secured this relationship with Macquarie,” William Harrison, CEO of Cathexis Holdings, said. “The LC facility will strengthen Redeux’s execution and sales capabilities, accelerating growth and value creation.”
Artola Capital Partners acted as financial advisor and Holland & Hart as legal counsel to Redeux in connection with the LC facility transaction. Willkie Farr & Gallagher acted as legal counsel to Macquarie.
