Leading utility-scale solar and energy storage development firm Redeux Energy Partners LLC announced that it has closed a new $30 million revolving letter of credit facility (“LC Facility”) with Macquarie Group. Redeux’s utility-scale project pipeline, which currently consists of 7 GW of solar generation capacity and 12 GWh of storage capacity spanning ERCOT, MISO, CAISO, SERC, and WECC energy markets, will be able to finance development costs associated with interconnection and power purchase agreement obligations thanks to the new LC Facility. This new facility’s only Issuer and Administrative Agent is Macquarie’s Commodities and Global Markets division.
In several markets, interconnection fees have gone up since FERC Order 2023’s implementation of queue reform.
“Leveraging the new LC Facility, Redeux can advance high quality projects further through the development lifecycle, derisking projects for our Independent Power Producer (IPP) partners and earning more value” stated Rob Masinter, CEO of Redeux Energy. “We are grateful to Macquarie for their support and look forward to expanding the LC Facility in the years to come.”
“We are pleased to provide the LC Facility, supporting Redeux’s business plan to meet rapidly growing demand for electricity with reliable renewable energy generation and storage,” stated Sherri Brudner, Managing Director in Macquarie’s Commodities and Global Markets business. “Redeux has made significant accomplishments to date in several key markets, and this financing further equips Redeux with the financing needed for its utility-scale project pipeline.”
“The Board is thrilled that Redeux has secured this relationship with Macquarie” stated William Harrison, CEO of Cathexis Holdings. “The LC Facility will strengthen Redeux’s execution and sales capabilities, accelerating growth and value creation.”
Redeux has sold utility-scale solar and hybrid project capacity totaling about 700 MW to top IPPs thus far. Redeux is currently selling a mid-stage project portfolio consisting of 1.5 GW of solar power and 3.4 GWh of storage capacity in MISO, ERCOT, and SERC markets with the goal of closings in the second half of 2025.
In relation to the LC Facility transaction, Redeux was advised financially by Artola Capital Partners LLC (“ACP”) and legally by Holland & Hart LLP. For Macquarie, Willkie Farr & Gallagher LLP served as legal advice.
