Advanced Power backs 8-GW renewables pipeline with CIB debt
The Cutlass Solar plant in Fort Bend County, Texas. Source: Advanced Power AG.
Switzerland-based power producer Advanced Power has obtained USD 60 million (EUR 60.8m) in debt financing to speed up the development of its 8-GW pipeline of renewable energy projects in the US.
The company said on Monday that the corporate-level credit facility was extended by Credit Agricole Corporate and Investment Bank (CIB), a unit of French lender Credit Agricole (EPA:ACA).
Specifically, the fresh funds will be allocated for Advanced Power’s development pipeline located across the Desert Southwest, ERCOT, PJM and MISO electricity markets. Among the projects included in the bundle are solar photovoltaic (PV) schemes with individual capacities of around 200 MW DC, all of which with optional battery storage.
Advanced Power noted that the loan “greatly enhances” its corporate liquidity to post Letters of Credit (LCs) or fund deposits on equipment, security, or interconnection payments.
The Swiss firm, which is doing business in Europe and North America, is developing solar, wind and natural gas projects. According to its website, it has operational solar parks in New York, Texas and Massachusetts.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.