Linea Energy, a renewable energy project developer sponsored by EnCap Investments, announced the closing of debt financing for its 109 MWdc Pineview solar project in Wilcox County, Georgia.
The funding comprises a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. First Citizens Bank and Norddeutsche Landesbank Girozentrale led a consortium of lenders that provided the funding.
Winston & Strawn acted as the lenders’ legal counsel, while Skadden, Arps, Slate, Meagher & Flom acted as Linea Energy’s borrower counsel on the transaction.
The company did not disclose the amount of the project debt financing.
Discovery Industries is constructing the project. Once operational, the electricity produced will be purchased by the Municipal Electric Authority of Georgia, a public power organization, and is expected to power approximately 13,000 households across the region according to Linea Energy.
“We are proud to announce the debt financing of Pineview,” said Cassidy DeLine, Chief Executive Officer of Linea Energy. “The financing is a critical step in the advancement of the Pineview project. The capital provided by First Citizens and NORD/LB will enable us to supply clean, reliable solar power to Georgia while contributing to the local economy.”
Mike Lorusso, Managing Director and Group Head for First Citizens’ Energy Finance Group, added, “First Citizens is excited to support Pineview and continue our partnership with Linea. Pineview will advance Georgia’s clean energy goals by delivering renewable energy to communities throughout the state.”
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Last November, National Renewable Solutions (NRS), a renewable energy project developer, secured $145 million in project financing for the 140 MW solar and 50 MW storage Shallow Basket Project in Rio Arriba County, New Mexico.
