rPlus Energies closed a revolving credit facility of up to $450 million to support the continued development and construction of its near-term pipeline of solar and energy storage projects across the American West. The facility provides both funded borrowing capacity and letters of credit.
The facility is supported by cash flows from nearly 1 GW of operating assets, including the Green River Energy Center and Pleasant Valley Solar 2, which reached commercial operation and completed term financing earlier this year.
Canadian Imperial Bank of Commerce (CIBC), New York branch, served as lead left arranger and administrative agent for the three-year facility, which was syndicated to a group of financial institutions, including National Bank of Canada, Truist Bank, KeyBank, Wells Fargo, MUFG and Zions Capital Markets.
“Securing this facility is a meaningful step for rPlus as we continue to scale the business,” Natalie Jackson, chief financial officer of rPlus Energies, said. “It reflects the progress our team has made and the confidence our lenders have in our long-term vision. With this capital in place, we’re well positioned to support future growth and deliver on the opportunities ahead.”
Ines Serrao, managing director and head of U.S. project finance and infrastructure at CIBC, added, “CIBC is pleased to support rPlus Energies in establishing this revolving credit facility. The closing of this facility with rPlus Energies reinforces our shared commitment to advancing the development of reliable and sustainable infrastructure across the U.S. renewable energy sector.”
Kirkland & Ellis served as legal counsel to rPlus Energies. Milbank served as legal counsel to the lenders.
