Nexus Renewables, a North American renewable developer having more than 1 GW of solar and energy storage projects under development, has closed a $5 million asset-backed credit facility with Scale Microgrid Solutions, a Warburg Pincus portfolio company.
Nexus will use proceeds of the financing to advance 100+ MW of late-stage distribution-scale solar and energy storage projects to notice-to-proceed. In aggregate, these projects will provide enough electricity to meet the needs of more than 150,000 homes, thereby helping to avoid 120,000 tonnes of CO2 emissions from fossil fuels.
This transaction marks a significant milestone for Nexus Renewables.
“This new credit facility underscores the confidence Scale has in our ability to effectively direct capital in scale into renewable energy infrastructure,” Keith Sandor, CEO of Nexus Renewables, said. “It represents a departure from traditional project financing models, providing great flexibility to Nexus to develop and manage its growing distribution-scale pipeline”.
The credit facility is one of the more innovative products offered through Scale’s Capital Solutions platform,
“Closing this transaction signifies the achievement of another significant milestone in our strategic relationship with Nexus. Our team delivered a creative capital solution that empowers developers like Nexus to pursue projects that align with our vision of a world powered by distributed energy,” Julian Torres, CFA, chief investment officer of Scale, said.
