The $100-million revolving
credit facility includes new lending partners Siemens Financial
Services (SFS) and Mitsubishi HC Capital America and supports
Onyx's growing pipeline of distributed generation
assets.
NEW
YORK, July 11, 2024 /PRNewswire/ -- Onyx
Renewable Partners (Onyx) announces it has successfully closed on
the upsizing and extension of its three-year revolving credit
facility to $100-million with
incumbent lender Investec Inc., as well as new lenders Siemens
Financial Services (SFS) and Mitsubishi HC Capital America.
Following a year of strong growth, this innovative financing model
will enable Onyx, a leading national provider of clean energy
solutions, to fund project construction costs, letters of credit,
equipment purchases, and community solar in targeted markets across
the United States.
The $100-million facility includes new lending
partners Siemens Financial Services and Mitsubishi HC Capital
America.
Investec Inc. served as the sole lead arranger, Investec Bank
Plc serves as the administrative agent for the lenders, and
Deutsche Bank Trust Company Americas serves as collateral
agent. This expansion doubles the size of the facility that
Onyx closed with Investec in August
2022. With a three-year commitment, this corporate revolver
empowers Onyx to execute on its growing bi-coastal project pipeline
to create meaningful impact in corporate and industrial emissions
reduction efforts and provide more accessible clean energy for
community solar programs.
"The expansion of Onyx's credit facility enhances our commitment
toward providing customized clean energy solutions across
the United States, and underpins
our continued growth alongside our clients, communities and
partners," said Jamie Weber, Head of
Capital Markets at Onyx Renewables. "We are thankful of our
continued partnership with Investec and are excited to grow our
relationship with SFS and Mitsubishi HC Capital America."
"Investec is pleased to have supported Onyx in the upsizing of
its revolving credit facility by bringing in two new lenders and
doubling the size in less than 2 years," said Fred Petit, Co-Head of Energy &
Infrastructure Finance at Investec. "This transaction allows Onyx
to expand its pipeline of projects and continue providing clean and
reliable energy to communities across the U.S.
The upsizing demonstrates Investec's continued commitment to
the decarbonization of the global economy as well as the strength
of its distribution capabilities in the energy and infrastructure
space."
About Onyx Renewables
Onyx Renewables is helping companies create the bridge from
today's clean energy reality to tomorrow's possibilities. A leading
provider of clean energy solutions nationwide, Onyx's approach
ensures expert guidance at every step for our commercial,
industrial, real estate, public sector, and military customers.
From solar energy and storage to EV charging and beyond, Onyx
leverages its wide-ranging industry expertise to develop, finance,
construct, own and operate projects, transforming energy and
regulatory complexities into simple clean energy solutions that
reduce emissions and provide economic savings for our customers.
Onyx also partners with developers and EPCs to support, fund, and
acquire clean energy projects. For more information, visit
www.onyxrenewables.com.
About Investec
Investec Bank plc ('IBP') is the banking subsidiary of
Investec plc. Investec plc is a FTSE-250 listed company which holds
the Investec Group's non-Southern African businesses under a dual
listed company structure. IBP partners with private, institutional
and corporate clients, offering banking and investment services in
the UK, Europe, the United States and certain other
countries.
IBP also offers wealth management services through its strategic
partnership with Rathbones Group, the UK's largest discretionary
wealth manager. IBP has operated in the UK since 1992.
As part of the Investec Group, IBP is a purpose-driven
organisation, dedicated to its core purpose of creating enduring
worth. This means we will always strive to create long-term value
for all stakeholders and contribute meaningfully to people,
communities and the planet.
Further information can be found at www.investec.com.
About Siemens Financial Services
Siemens Financial Services (SFS) – the B2B financing arm of
Siemens – provides financing that makes a difference. At SFS, we
empower customers around the globe to access technology with
purpose and increase their competitiveness. Based on our unique
combination of financial expertise, risk management and industry
know-how we provide tailored financing solutions – including
flexible leasing and working capital products, project-related and
structured financing, corporate lending, equity investments,
finance advisory, as well as trade and receivables financing. With
highly experienced and passionate teams in 20+ countries, SFS paves
the way for industrial productivity, smart infrastructure, and
sustainable mobility, facilitating the energy transition and
enabling high-quality healthcare. Supporting the Siemens DEGREE
framework, SFS is one of the leading providers in financing
greenfield renewable projects. www.siemens.com/finance.
About Mitsubishi HC Capital America
Mitsubishi HC Capital America is a specialty finance company
that has extensive capabilities throughout North America with its affiliate, Mitsubishi
HC Capital Canada, combining a consultative approach and expansive
digital platform to help organizations of all sizes accelerate
growth. With $7.5 billion in assets
and more than 800 employees, the company is the largest
non-captive, non-bank commercial finance company in North America. Mitsubishi HC Capital America
partners with equipment manufacturers, dealers and distributors, as
well as end customers, in providing customized financial solutions,
including transportation and commercial finance. Dedicated to
improving the communities where it operates, the company is
committed to the United Nations Sustainable Development Goals.
Visit https://www.mhccna.com/en-us
Media Contacts
Onyx Renewables: Jenna Leitgeb,
media@onyxrenewables.com
Investec: Charles Clarke, Charles.Clarke@investec.com
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SOURCE Onyx Renewable Partners L.P.