First Citizens Bank announced that its Energy Finance business served as lead arranger on $145 million in financing on behalf of Linea Energy LLC for the development of advanced renewable energy projects across the U.S.
Established in 2002 and headquartered in San Francisco, California, Linea Energy is a renewables platform and independent power producer focused on the development, ownership, and operation of clean energy infrastructure. It is a portfolio company of EnCap Investments L.P.
The financing, which includes a revolving credit facility, a letter of credit and a term loan, will support the development and growth of Linea’s diversified project pipeline, which focuses on expanding the use of clean energy sources and promoting environmental sustainability nationwide.
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“The closing of the credit facility is a significant milestone in Linea’s evolution as a renewables developer and independent power producer,” said Cassidy DeLine, Chief Executive Officer of Linea Energy. “We appreciated the expertise and industry knowledge of the First Citizens Energy Finance team bringing this financing to a successful conclusion.”
“First Citizens is pleased to partner with Linea in this innovative credit facility, which combines features of both corporate and project finance to support Linea’s high-quality, diversified project portfolio,” said Mike Lorusso, who leads First Citizens Bank’s Energy Finance business. “Our collaboration with Linea demonstrates First Citizens’ commitment to provide tailored financing solutions to leading renewable energy developers.”
First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
SOURCE: PRNewswire