Budderfly, one of the fastest growing energy companies in the U.S., announced it has expanded its debt facility to $550 million to support continued growth of its Energy-as-a-Service (EaaS) platform. The facility includes a new $250 million upsizing led by Global Infrastructure Partners (GIP), a part of BlackRock, with participation from existing lender, Vantage Infrastructure. The expanded facility also includes an additional $100 million accordion feature. The transaction reflects strong institutional confidence in Budderfly’s operating model and its ability to modernize and manage energy infrastructure for commercial facilities nationwide.
Budderfly enables commercial facilities, including restaurants, retail, fitness, and manufacturing sites to modernize aging energy infrastructure with no upfront investment, generating savings through improved efficiency, active energy management, and load optimization. The facility will accelerate deployment of Budderfly-owned energy infrastructure across the U.S. mid-market, including energy-efficient technologies, intelligent building controls, and flexible demand assets. The U.S. mid-market segment accounts for an estimated $55 billion in annual electricity spend, with operators continually exposed to price volatility and grid constraints.
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“Global Infrastructure Partners’ commitment, along with continued investment from Vantage Infrastructure, is critical to scaling a capital-intensive business like Budderfly,” said Al Subbloie, CEO of Budderfly. This expansion of our debt facility strengthens our ability to own the upfront investment, manage performance over time, and deliver measurable energy and cost-saving outcomes for our customers. It reflects confidence in our model and positions us to continue removing friction for commercial operators as they modernize and decarbonize their facilities.”
This latest milestone builds on Budderfly’s broader capital base, including $500 million in equity backing from Partners Group in July 2022. Vantage Infrastructure increased its commitment to the business and Nuveen remains a significant participant in the facility, both lenders continuing their long-standing support of Budderfly’s growth.
SOURCE: Budderfly
