Aggreko Energy Transition Solutions (ETS), a division of the global energy leader Aggreko has successfully secured a $66 million term loan to finance an 88.5-megawatt (MWdc) portfolio of commercial, industrial and community solar projects.
ETS Secures Loan for Multi-State Solar Projects
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The solar portfolio—across New York, Texas and California—serves various customers, including utilities, corporations and low to moderate-income consumers. The financing arrangement offers a payout to ETS for its acquisition and construction expenses and is designed as a delayed-draw term loan, timed to coincide with project completion milestones.
KeyBanc Leads Deal as Administrative Agent
KeyBanc Capital Markets led the deal and acted as the administrative agent. KeyBanc Capital Markets is a top corporate and investment bank offering capital markets and advisory solutions to innovative companies seizing opportunities in evolving industries. With deep industry knowledge, extensive capabilities and fresh ideas, the company serves businesses across sectors such as Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables and Technology.
"We are thrilled to be building upon our long-term relationship with KeyBank to fuel the growth of our C&I and community solar portfolios for our customers. Through this transaction, we’re able to demonstrate the value creation of the projects that we’re bringing online and reinvest funds into the next wave of solar and battery storage assets under development,” said Jerry Polacek, President of Aggreko ETS.
“We are excited to lead Aggreko ETS solar portfolio financing and look forward to our continued support of these projects for many years to come," said Andy Redinger, Head of KeyBanc Capital Markets Utilities Power and Renewable Group.
Aggreko ETS Provides U.S. Solar and Storage Solutions
Aggreko Energy Transition Solutions (ETS), a division of Aggreko Ltd. develops, owns and operates large-scale and distributed solar and battery storage projects throughout the U.S. ETS creates value by offering comprehensive energy transition solutions that provide customers with affordable, reliable and clean power.
Aggreko is recognized as a global leader in delivering energy solutions that support business growth and community well-being. In a rapidly evolving energy market where reliable energy supplies are crucial, Aggreko provides power and temperature control solutions tailored to customers' needs regardless of time or duration. By leveraging the latest technologies, the company combines innovative thinking with extensive sector expertise to assist customers in achieving their complex goals through a variety of flexible and modular solutions.