15 November 2023.
Denver, CO – Palisade Infrastructure Group (“Palisade Infrastructure”) is pleased to announce the successful closing of a 3-year $150 million revolving credit facility for PureSky Energy, a leading developer, owner and operator of US community solar and battery storage projects.
The facility was led by Nomura Securities International, Inc. (“Nomura”) acting as Sole Lead Arranger and includes structural features supporting interconnection and equipment financing, including deployment of capital towards in-construction projects and the company’s growing greenfield and acquisition pipeline.
This milestone facility affirms PureSky Energy’s position as an industry leader in community solar, C&I and battery storage, and provides financial flexibility to grow strategically in response to unprecedented demand for clean energy projects. The transaction follows the acquisition of PureSky Energy in June 2023 by Palisade Infrastructure and Fiera Infrastructure, two pre-eminent global infrastructure funds.
The debt facility underscores PureSky Energy’s operating track record, and its capability to execute on future opportunities in the growing solar power and battery storage market.
Mike Reynolds, Managing Director, Americas of Palisade Infrastructure said: “We are excited by the enhanced capacity to execute on immediate development and growth opportunities. The facility represents a significant milestone for PureSky Energy, reflecting the compelling qualities of the business and tailwinds of the US renewable energy sectors it operates in.”
“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,” said Jared Donald, President and CEO of PureSky Energy. “We are excited to partner with Nomura to finance new projects while accelerating the global energy transition across our existing and new markets.”
Macquarie Capital acted as financial advisor to PureSky Energy. King & Spalding LLP and Latham & Watkins LLP acted as legal counsel to PureSky Energy and Nomura, respectively.
For further information please contact:
Palisade Infrastructure
Mike Reynolds
Managing Director, Americas
+1 (914) 886-7452
mike.reynolds@palisadeinfrastructure.com
Download the full media release here