US storage and solar developer Agilitas Energy closes $100 million debt financing

April 26, 2024

US energy storage and solar photovoltaic system developer Agilitas Energy has closed $100 million in debt financing to fund its “growth and continued national expansion”.

Nomura Securities International acted as sole bookrunner, lead arranger, and Nomura Corporate Funding Americas, LLC acted as administrative agent on the deal, which “may be further upsized to $200 million upon the completion of certain projects”, a statement said.

The financing will accelerate Agilitas Energy’s build-out of solar and energy storage projects totalling more than 250MW over the next three years. The company will also acquire and develop solar, standalone storage and hybrid projects across the country. Once built, the energy assets will be owned and operated by Agilitas Energy and AB CarVal’s joint venture which was established in 2022. AB CarVal, an alternative investment manager, remains a strategic investor in Agilitas Energy.

The company is currently developing and constructing more than one 1GW of renewable energy and energy storage projects throughout the US.

“This debt financing and the beginning of our relationship with Nomura represents far more than the capital necessary for us to develop, build and operate the solar, storage and hybrid projects that Agilitas Energy has always excelled at,” said Michael Slattery, chief financial officer at Agilitas Energy. “It signifies recognition and trust from a major multinational financial institution that Agilitas Energy offers unparalleled value through our integrated approach and will help us accelerate our growth trajectory across multiple asset classes and geographies.”

Vinod Mukani, global head of Nomura’s infrastructure & power business, said: “Nomura is extremely pleased to leverage our financial and intellectual capital to partner with Agilitas as it expands its geographic footprint and business. Creating and executing bespoke financing solutions for top notch developers, owners and operators like Agilitas is core to Nomura’s DNA, and this transaction is emblematic of our business strategy.”