PureSky Energy, a Denver, Colorado-based developer, owner, and operator of US community solar and battery storage projects, has closed a three-year US$150 million revolving credit facility.
Nomura Securities International acted as sole lead arranger, Macquarie Capital as financial advisor and King & Spalding as legal counsel to PureSky Energy, while Latham & Watkins acted as legal counsel to Nomura.
The loan includes structural features supporting interconnection and equipment financing, including the deployment of capital towards in-construction projects and the company’s growing greenfield and acquisition pipeline.
The company says the facility will provide financial flexibility to grow strategically in the face of unprecedented demand for clean energy projects.
The deal comes after Palisade Infrastructure Group and Fiera Infrastructure acquired PureSky Energy in June 2023.
“Together with the support of our new shareholders, this financing provides us with the ability to further accelerate the buildout of our operating portfolio, including via targeted M&A of project portfolios at earlier stages of development, which require significant capital to advance interconnection and permitting activities,” says Jared Donald, president and chief executive officer of PureSky Energy.
PureSky Energy develops, owns, and operates US community and C&I (commercial and industrial) solar and battery storage projects. Since entering the US market in 2016, the company has rapidly expanded its scale. It currently operates a portfolio with a combined generation capacity of about 200MWDC (megawatts, direct current) across 39 projects in operation or under construction and expected to be completed in the short term, plus a large pipeline of solar and battery storage projects.