Navisun Secures $235 Million to Fuel Solar Projects’ Growth

Manhattan-based solar energy player Navisun LLC has announced that it has secured up to $235 million in debt financing through two facilities.

Navisun is a solar independent power producer that co-develops, acquires, owns, and operates distributed and small utility-scale solar and storage projects. Navisun said that the financing will support its growth strategy, allowing it to execute on its project pipeline in order to serve additional customers with solar energy generation and storage, with offtakers benefiting from affordable clean energy and decreased electricity cost.

The first facility is a $105 million, five-year revolving construction credit facility. Navisun said that this includes a letter of credit facility. The financing incorporates an up to $50 million accordion feature allowing Navisun flexibility to upsize as its portfolio grows. The financing round was led by Mitsubishi UFJ Financial Group (MUFG). Export Development Canada was lead arranger and Wilmington Trust was collateral agent and depository.

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As per Navisun, the second facility is an up to $130 million five-year term loan facility, which includes a letter of credit facility and a delayed-draw term loan. The facility also includes an up to $75 million accordion feature.

“As a leading clean energy company, Navisun is committed to advancing the transition to a sustainable and equitable energy future,” said Doug Johnsen, managing partner and co-founder of Navisun.

He added, “The financing facilities we have secured provide us with the necessary capital to continue to innovate and expand our portfolio of solar and storage projects, while also continuing to deliver reliable and affordable energy solutions to our customers. We look forward to working with our financing partners as we continue to scale our business.”

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Navisun said that with a strong portfolio of solar projects, a commitment to sustainability, and flexible financing options, the company is poised to continue its expansion and make a significant impact in the renewable energy sector.

The solar firm delves in distributed and small utility-scale solar projects. It has completed numerous projects for municipal, commercial, industrial, utility, and institutional partners throughout the US. Its typical project sizes range from 1 MW to 30 MW.