The New York-based solar, storage and EV charging provider secured funds to support construction of onsite clean energy projects.
Onyx Renewables announced it has closed a $260 million credit facility to support the deployment of distributed energy projects across the United States.
The company develops, finances and provides localized clean energy resources for commercial, industrial and institutional customers. Projects include rooftop solar, solar canopies, ground mounted projects, community solar, battery energy storage and EV charging infrastructure. Onyx also partners with developers and EPCs to support, fund, and acquire projects.
The facility 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 projects, including onsite solar and battery energy storage. The company said the secured funds may be increased to $350 million. The new loans will replace the company’s existing revolving credit facility and represent Onyx’s largest capital raise to date.
“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,” said Mary Beth Mandanas, CEO of Onyx Renewables.
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.
“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,” said Michael Pantelogianis and Ralph Cho, co-chief executives, Apterra.
Onyx Renewables was established in 2014 by private equity manager Blackstone Group. It has developed over 380 projects nationwide, with a development pipeline in 35 states.
