Catalyze Secures $100 Million Financing for Community Solar Projects

Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar projects, announced the closing of $100 million in debt financing to fund its growth and continued national expansion.

Nomura Securities International acted as the sole bookrunner and lead arranger. Nomura Corporate Funding Americas acted as an administrative agent on the deal, which may be further upsized to $200 million upon the completion of certain projects.

The financing is a strategic milestone for the company and will accelerate Agilitas Energy’s build-out of solar and energy storage projects construction totaling more than 250 MW over the next three years.

The company has announced its ongoing development and construction efforts, which encompass the creation of over 1 GW of renewable energy and energy storage projects across the U.S.

The company will use the funds to construct its existing project pipeline while continuing to actively acquire and develop solar, standalone storage, and hybrid projects across the country.

“This debt financing and the beginning of our relationship with Nomura represents far more than the capital necessary for us to develop, build, and operate the solar, storage, and hybrid projects that Agilitas Energy has always excelled at,” said Michael Slattery, Chief Financial Officer, Agilitas Energy. “It signifies recognition and trust from a major multinational financial institution that Agilitas Energy offers unparalleled value through our integrated approach and will help us accelerate our growth trajectory across multiple asset classes and geographies.”

According to Mercom’s recently released Q1 2024 Solar Funding and M&A report, announced debt financing for the solar sector in Q1 2024 totaled $6.2 billion in 22 deals, a 59% increase YoY compared to Q1 2023 when $3.9 billion was raised in 17 deals. QoQ debt financing increased 55%, with $4 billion raised in 15 deals in Q4 2023.

Recently, Sermsang Palang Ngan Company (SPN), a renewable energy project developer, secured a $64 million green loan facility provided by the International Finance Corporation (IFC).