Financing will support development of an 8GW energy project pipeline
BOSTON, Jan. 9, 2025 /PRNewswire/ — Advanced Power announces the closing of a $100 million corporate credit facility to further its corporate goals and company vision of advancing a sustainable, reliable energy future. Advanced Power is an industry-leading developer, manager, and owner of diverse utility-scale energy-infrastructure assets, including renewables, battery energy storage systems (BESS), high-efficiency combined-cycle natural gas turbine (CCGT) facilities and modern peaker units.
The company was advised by PEI Global Partners, alongside Linklaters LLP and Nixon Peabody as legal counsel. It closed the underwritten credit facility via commitments from Nomura Securities International Inc. and Sumitomo Mitsui Banking Corporation as Coordinating Lead Arrangers. Norton Rose Fullbright US LLP advised the lenders as legal counsel.
Credit facility to further the company’s vision of advancing a sustainable, reliable energy future.
“Advanced Power is committed to bringing low- and no-carbon electric generating facilities to regions with unprecedented demand growth due to data center development, population shifts and electrification of the economy,” said CEO Tom Spang. “We are pleased with the market’s continued recognition of our successful track record, strong business plan and future growth prospects.”
“We are honored to have advised Advanced Power on this credit facility,” said John Bills, Partner at PEI Global Partners. “This financing is another indicator of Advanced Power’s proven ability to execute on its low- and no-carbon energy strategy by delivering renewable and high-efficiency projects and converting them into operational assets. This capital will enable Advanced Power to continue delivering innovative, reliable energy infrastructure that supports both economic and environmental goals across key U.S. markets.”
The new $100 million credit facility boosts Advanced Power’s ability to provide financial security and fund deposits for equipment, commercial offtake and other project development needs. This capital positions the company to develop its 8-gigawatt (GW) pipeline throughout the United States, including the Desert Southwest, ERCOT, MISO, PJM and SPP power markets. Advanced Power’s current development pipeline includes zero-carbon emitting solar and BESS, high-efficiency CCGT facilities and modern peaker units.
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Advanced Power Projects in Active Development |
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Solar with Co-located BESS |
Standalone BESS |
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Alina Energy: 220 MWdc + 200 MW/2Hr (400 MWh) BESS |
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Avena Solar: 500 MWdc + 200 MW/4Hr (800 MWh) BESS Lea County, New Mexico |
Rock Rose: 200 MW/2hr (400MWh) |
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Calypte Solar: 355 MWdc + 200 MW/4Hr (800 MWh) BESS Graham County, Arizona |
CCGT Facility |
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Dahlia Energy: 195 MWdc + 100 MW/2Hr (200 MWh) BESS La Salle County, Texas |
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Eldora Energy: 241 MWdc + 200 MW/2Hr (400 MWh) BESS |
Modern Gas Peaker |
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Kingbird Solar: 166 MWdc + 133 MW/4Hr (532 MWh) BESS Bourbon County, Kansas |
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Verdin Solar LLC: 270 MWdc + 250MW/4Hr (1,000 MWh) BESS Pinal County, Arizona |
For more information about Advanced Power’s projects, including those completed, capitalized and in active development, visit https://www.advanced-power.com/home/projects/
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, no-carbon, and renewable electric-generating projects in North America and Europe. Advanced Power presently has about 11 GW in development, operations or commercialized in the United States and Europe. The company has offices in Boston and Houston and is headquartered in Zug, Switzerland.
Since 2000, Advanced Power has been focused on advancing a sustainable energy future, bringing reliable energy to places that need it, and providing economic benefits and jobs to communities while making massive contributions to the reduction of CO2 emissions.
About PEI Global Partners
PEI Global Partners Holdings LLC (“PEI”) is an independent, closely held investment bank with offices in New York City, Tampa and Hong Kong, specializing in the power, energy, and infrastructure sectors. PEI advises financial sponsors, developers and corporate clients on mergers and acquisitions, divestitures, financings, private placements, and other strategic transactions. Since its inception in 2022, PEI has completed over 30 transactions, raising well over $10 billion for owners and developers of renewable and thermal power. PEI conducts securities transactions through its wholly owned broker-dealer subsidiary PEI Global Partners LLC, which is regulated by the Financial Industry Regulatory Authority (“FINRA”), the Securities and Exchange Commission (“SEC”), the New York State Department of Financial Services and the Florida Office of Financial Regulation. For more information on PEI, please visit www.peigp.com.
Contact: Janine Saunders
Phone: +1 617 816-3119
Email: [email protected]
www.advanced-power.com
SOURCE Advanced Power