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Nomura Securities Arranges $150MM Revolving Credit Facility for PureSky Energy

November 20, 2023, 07:43 AM
Filed Under: Battery Storage

PureSky Energy, a leading developer, owner, and operator of US community solar and battery storage projects, successfully closed a 3-year $150 million revolving credit facility led by Nomura Securities International. as the Sole Lead Arranger. The facility includes structural features supporting interconnection and equipment financing, including the deployment of capital towards in-construction projects and the company’s growing greenfield and acquisition pipeline.

This milestone facility affirms PureSky Energy’s position as an industry leader in community solar, C&I and battery storage, and provides financial flexibility to grow strategically in response to unprecedented demand for clean energy projects. The transaction follows the acquisition of PureSky Energy in June 2023 by Palisade Infrastructure Group (“Palisade Infrastructure”) and Fiera Infrastructure, two preeminent global infrastructure funds.

The debt facility underscores PureSky Energy's operating track record and its capability to execute on future opportunities in the growing solar power and battery storage markets.

“Together with the support of our new shareholders, this financing provides us with the ability to further accelerate the buildout of our operating portfolio, including via targeted M&A of project portfolios at earlier stages of development, which require significant capital to advance interconnection and permitting activities,” said Jared Donald, President and CEO of PureSky Energy. “We are excited to partner with Nomura to finance new projects while accelerating the global energy transition across our existing and new markets."

Vinod Mukani, Global Head of Nomura’s Infrastructure and Power Business ("IPB"), commented, “Nomura is pleased to provide a creative solution and liquidity to PureSky Energy in its next phase of transformational expansion under Palisade Infrastructure and Fiera Infrastructure’s ownership. The transaction is exemplary of our mission, which is to champion platforms like PureSky Energy in renewable development, broadening energy customers’ access to affordable and clean energy."

“It was our pleasure to collaborate with the talented teams at PureSky Energy, Palisade Infrastructure, and Fiera Infrastructure on this unique and strategic financing. As a leading institution in clean energy financing, we are proud to deliver execution certainty and offer highly customized solutions to serve PureSky Energy’s growth strategy,” said Hua Ding, Executive Director at Nomura’s IPB.

Nomura Securities International, Inc. acted as Sole Lead Arranger for the revolving credit facility, and Macquarie Capital acted as financial advisor to PureSky Energy. King & Spalding LLP and Latham & Watkins LLP acted as legal counsel to PureSky Energy and Nomura, respectively.

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