U.S. clean energy solutions provider Ameresco has increased its line of credit by $262 million to fund future business growth and for energy efficiency and renewable energy developers to deploy a 2.1GWh battery storage project in California support.
The company said a few days ago that it had revised and restated its senior secured credit facility, which it arranged with lenders led by Bank of America, bringing the total size of the credit facility to $495 million.
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FlexGen has been named as energy storage project supplier for three sites in California
This includes an increase of Ameresco's revolving loan facility by $200 million, an increase in its existing term loan facility to $75 million, and an increase in a new deferred draw term loan facility to $220 million with an 18-month term.
The funds will be used for near-term and long-term growth goals, Ameresco signed an EPC agreement with California investor-owned utility (IOU) Southern California Edison (SCE), Ameresco will design and deploy a 537MW/2,150MWh battery storage system .
When reporting its fourth-quarter and full-year financial results in early March, Ameresco had said that contracts awarded last October for three battery storage systems to be built at Southern California Edison's (SCE) substations drove significant revenue growth increase.
Explaining the results on an earnings call with analysts, Ameresco CEO George Sakellaris had said that following the announcement of the project, U.S. power providers had inquired about Ameresco's battery energy storage system (BESS) products. also increased.
Energy storage system integrator and technology supplier FlexGen will provide battery storage solutions for the three sites.
In addition to the energy storage project deployed for Southern California Edison (SCE), the increased available credit will be used to expand the company's energy asset portfolio, potential acquisition opportunities and other uses, Ameresco said.
"This large-scale credit will provide a low-cost and flexible source of funding as we continue to develop and diversify our portfolio of cleantech solutions and renewable energy projects," said Doran Hole, CFO and Executive Vice President, Ameresco.
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