Apricus Generation, a distributed solar and battery development platform and independent power producer, announced that it has secured a $30 million revolving credit facility with Atlantic Union Bank (AUB).
The funding is expected to provide the company with capital flexibility to accelerate project development.
The company recently acquired a controlling interest in Nexus Renewables, a U.S.-based developer of solar and energy storage projects. This funding is anticipated to further strengthen the company’s business model, which supports developers, streamlines project finance, and offers management expertise.
“This credit facility enhances our ability to rapidly respond to development opportunities with cost-effective capital. Working with Atlantic Union Bank gives us the financial agility needed in today’s dynamic clean energy market, allowing us to focus on accelerating project timelines and expanding our footprint across the country. This facility complements our equity capital base and positions us for continued growth and execution,” said Ravi Thuraisingham, CEO and co-founder of Apricus Generation.
Apricus Generation aims to create a nationwide platform for distributed solar and battery development, functioning as an independent power producer (IPP). According to the company, its platform enables consumers and businesses to participate in the energy transition by equipping developers with the management expertise and capital needed to advance their project pipeline to generation.
In September 2024, the company announced the closing of an undisclosed Series A funding round led by Blue Marlin Partners and Current Yield with Participation (CYwP) Fund.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, announced debt financing came to $18.8 billion, 6% lower compared to $20 billion in 2023. Securitization deals were a key contributor, with a record $5 billion in 16 deals.
In November 2024, Birch Creek Energy, a utility-scale solar and energy storage project developer, secured a $150 million credit facility provided by KKR’s High-Grade Asset-Based Finance strategy via insurance accounts managed by KKR.
