Apricus Generation, an American ompany specialising in distributed photo voltaic and battery improvement, has established a brand new $30m revolving credit score facility with Atlantic Union Bank.
The strategic transfer will improve the corporate’s capital flexibility, enabling it to expedite venture improvement and growth plans and cater to the growing demand for clear vitality options.
It additionally serves to take care of and leverage the corporate’s sturdy steadiness sheet.
Apricus Generation government chairman and co-founder Gautam Chandra said: “Securing this unique revolving development financing facility with Atlantic Union Bank marks another important step in our growth strategy.
“This facility offers us with extra monetary flexibility to advance our improvement pipeline extra effectively and help our increasing portfolio of photo voltaic and battery storage initiatives. As we proceed constructing our nationwide platform, entry to the sort of capital is crucial for accelerating clear vitality deployment throughout our goal markets.”
The collaboration with Atlantic Union Bank follows a successful Series A funding round.
Atlantic Union Bank commercial relationship manager John Lester stated: “This credit score facility highlights our dedication to financing the clear vitality transition. Apricus has demonstrated sturdy venture improvement capabilities and vital development momentum, and we sit up for supporting their continued growth within the renewable vitality sector.”
Apricus Generation’s new financing facility follows the company’s acquisition of a controlling interest in Canada-based US solar and energy storage projects developer Nexus Renewables.
The additional financial support enhances the company’s efforts in assisting developers, optimising project finance, and offering management expertise to build an industry-leading platform.
Apricus Generation CEO and co-founder Ravi Thuraisingham said: “This credit facility enhances our ability to rapidly respond to development opportunities with cost-effective capital.
“Working with Atlantic Union Bank gives us the financial agility needed in today’s dynamic clean energy market, allowing us to focus on accelerating project timelines and expanding our footprint across the country. This facility complements our equity capital base and positions us for continued growth and execution.”
“Apricus Generation good points $30m credit score to spice up clear vitality initiatives” was initially created and printed by Power Technology, a GlobalData owned model.
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