FTC Solar, a solar tracker system provider, announced that it entered into a new $75 million strategic financing facility with Cleanhill Partners and affiliates, AV Securities, and other long-term investors.
The funding provides for an initial term loan of up to $37.5 million, of which $14.3 million of term loan financing and an associated warrant issuance closed and funded on July 2. The balance of $23.2 million in initial financing is expected to close in the third quarter of 2025, subject to shareholder approval of the maximum number of shares for which the warrants issued in connection with the Financing Facility may be exercised, as well as other conditions outlined in the Financing Facility.
There is also an option for an additional $37.5 million in funding, which could increase the total available capital to $75 million. The funds will be used to enhance the company’s balance sheet, support accelerated growth, and cover other corporate needs.
In the first quarter of 2025, FTC Solar reported revenue of $20.8 million, representing a 65.3% increase from $12.58 million in the same period last year, driven by higher product volumes. For the second quarter of 2025, the company anticipates revenue in the range of $19 million to $24 million.
“The investment announced today, along with funds raised in the fourth quarter, provides more than sufficient liquidity. And driven by the recent expansion of one of the most innovative new tracker lines to hit the market, we have recently added more than 6.5 gigawatts of new business with Tier 1 customers,” stated Yann Brandt, President and CEO of FTC Solar.
In December, the company announced the closure of its private placement of senior secured promissory notes totaling $15 million in principal, along with warrants. The proceeds were also stated to have been used to strengthen the balance sheet, support growth initiatives, and fund general corporate purposes.
According to Mercom’s Q1 2025 Solar Funding and M&A report, debt financing for the solar sector reached $3.5 billion across 23 deals, a 45% drop compared to the $6.4 billion secured in the same number of deals in Q1 2024.
Last week, Opdenergy, an independent renewable energy producer, secured a new corporate debt facility of €350 million (~$412 million) through senior bonds (2025 Bonds) from a group of institutional investors led by EIG and Infranity.
