Invenergy, a solar, wind, and energy storage project developer, announced closing $1.1 billion in debt financing to support the development and construction of three utility-scale solar projects totaling 590 MW in Ohio, Indiana, and Tennessee. The debt financing comprises a construction/bridge loan facility and a letter of credit facility.
The projects include the 240 MW Cadence Solar Energy Center in Ohio, the 200 MW Trade Post Solar Energy Center in Indiana, and the 150 MW Yum Yum Solar Energy Center in Tennessee. The projects are currently under construction and are expected to reach commercial operation in 2026.
Natixis Corporate & Investment Banking, Canadian Imperial Bank of Commerce, Nomura, Rabobank, and Wells Fargo served as coordinating lead arrangers, green loan coordinators, bookrunners, and approved hedge providers for the financing.
Natixis also acted as a documentation agent, with the Canadian Imperial Bank of Commerce serving as the administrative agent and Rabobank as a diligence coordinator. The Canadian Imperial Bank of Commerce, Rabobank, and Wells Fargo were issuing banks.
“As Invenergy continues to develop world-class energy solutions that address growing electricity demands across the country, it is important to partner with premier financial institutions that share our commitment to strengthening the grid with cleaner energy,” said Brian Bortman, Invenergy’s Senior Vice President, Finance & Capital Markets. “This is a significant transaction, and we thank our lending partners for their continued confidence in Invenergy and our ability to build top-of-the-line energy centers.”
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
In March 2024, the company also secured $1.27 billion in financing. This round of funding was led by Natixis Corporate and Investment Banking (Natixis CIB) and is earmarked to develop and construct Invenergy’s renewable energy initiatives in Kansas and Texas. The four projects together represent a total capacity of 677 MW.
