Cubico Sustainable Investments (Cubico), a London-based renewables investor, secured $700 million to refinance the existing revolving facility, issue letters of credit, and finance its growth.

The new financing comprises a $300 million revolving facility and a $400 million letter of credit facility, both with additional accordions of $200 million, an initial term of three years, and two one-year extension options.

Paribas, CIBC, Credit Agricole, Export Development Canada, HSBC, ING, National Australia Bank, Scotiabank, and Societe Generale participated in the financing facility. National Australia Bank acted as facility agent and security agent.

“This milestone transaction highlights the attractiveness of the group, our green credentials, and proven track record as we position ourselves to make sizeable acquisitions and achieve the planned growth of our development portfolio,” said Matt Donaldson, Chief Financial Officer at Cubico.

In 2021, announced debt financing came to $15.8 billion, a 91% increase compared to $8.3 billion raised during 2020, according to Mercom’s Q4 2021 solar funding and M&A report. A total of $950 million was raised through a revolving credit facility and $115 million through green bonds.

Earlier this week, Scout Clean Energy, a renewable energy developer, owner, and operator, closed a $250 million revolving corporate credit facility. The company intends to use the facility to fund pre-construction development and equipment expenses, PPA security requirements, and other corporate expenses for its growing pipeline of wind, solar, and storage projects. Scout is a portfolio company of Quinbrook Infrastructure Partners. The company has over 12,000 MW in active development and more than 1,200 MW of renewable projects in operation in the U.S.