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."
