Onyx Renewables (Onyx), a prominent supplier and owner of regional renewable energy solutions, announced the completion of a $260 million credit facility to further expand its portfolio of distributed energy projects around the United States.
A term loan, revolving line of credit, and a $10 million Letter of Credit facility make up the senior secured facility, which could be increased to $350 million. These funds will be used directly to support Onyx’s clean energy infrastructure projects, such as on-site solar PV and battery storage, as they continue to be built and operated. It is anticipated that these installations will benefit a wide range of clients in the short and long term by lowering carbon emissions, reducing energy costs, and improving operational resilience during outages.
Apterra Infrastructure Capital was the financing’s sole bookrunner, lead arranger, and administrative agent. The warehouse financing and securitized products company ATLAS SP Partners, which is mostly controlled by Apollo funds, served as a lender for the deal, while Investec served as a lender, letter of credit, and hedge provider. Strong investor trust in Onyx’s demonstrated development, construction, and operational capabilities is demonstrated by the additional loans, which will replace the company’s current revolving credit facility and constitute the biggest institutional capital raising to date.
“This financing structure supports the growth and value created by the Onyx team and enables us to address the urgent need for implementing cost-effective, resilient power solutions in the commercial and industrial sectors,” stated Mary Beth Mandanas, CEO of Onyx Renewables. “We are well-positioned to further scale and deliver the best-in-class, quality solutions our customers expect.”
“Apterra is proud to have led this milestone transaction for Onyx, supporting the company’s continued growth and development of high-quality renewable energy projects,” stated Michael Pantelogianis and Ralph Cho, co-CEOs of Apterra. “These projects are poised to deliver cost-competitive clean energy to a broad range of customers, and we believe the transaction demonstrates the types of customized infrastructure finance solutions that Apterra can provide to leading developers and operators.”
