Advanced Power Announces Close of $60 million Capital Facility

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Oct 24, 2022, 10:45 ET

Financing to support development of 8-gigawatt U.S. renewables pipeline

BOSTON, Oct. 24, 2022 /PRNewswire/ -- Advanced Power announces the close of a $60 million capital facility at its corporate level through Crédit Agricole Corporate and Investment Bank (CIB). The new line of credit enables Advanced Power to more expeditiously deliver its North American pipeline of renewables projects.

"We're pleased with this vote of confidence from Crédit Agricole on Advanced Power's ongoing business, track record and future growth prospects," said CEO Tom Spang. "We know that Crédit Agricole CIB places sustainable development at the heart of its activities and advancing a sustainable energy future is at the heart of ours."

"Crédit Agricole CIB is proud to support Advanced Power and its ongoing efforts toward decarbonization in the energy sector," added Managing Director Evan Levy.

The new $60 million credit facility greatly enhances Advanced Power's corporate liquidity to post Letters of Credit (LCs) or fund deposits on equipment, security, or interconnection payments – all essential to the project-development process.

Advanced Power is well positioned to develop its robust 8-gigawatt (GW) renewable and low-carbon development pipeline across Desert Southwest, ERCOT, PJM and MISO. Some projects already in the pipeline include:

Talitha Solar – 189 Megawatts direct current (MWdc) with optionality to add battery storage
Oriana Solar – 232 MWdc with optionality to add battery storage
Eldora Solar – 238 MWdc with optionality to add battery storage
Elio Solar – 190 MWdc with optionality to add battery storage
Alina Solar – 245 MWdc with optionality to add battery storage

For more information about Advanced Power's completed projects and those in active development, visit www.AdvancedPowerNA.com.

About Advanced Power

Advanced Power is a privately owned, global developer, manager, and owner of modern power infrastructure. As an independent power producer, the company develops low-carbon and renewable electric-generating projects in North America and Europe. Advanced Power presently has about eight gigawatts (GW) in development or operations in the United States and Europe. The company has offices in Boston and Houston and is headquartered in Zug, Switzerland.

Since 2000, Advanced Power's has been focused on advancing a sustainable energy future, bringing reliable energy to places that need it, providing economic benefits and jobs to communities, while making massive contributions to the reduction of CO₂ emissions.

Contact: Janine Saunders
Phone: +1 617 456 2200
Email: [email protected]
www.advancedpowerna.com

SOURCE Advanced Power