SAN
FRANCISCO, Jan. 8, 2025 /PRNewswire/ -- Linea
Energy ("Linea"), a renewables-focused developer and independent
power producer that is sponsored by EnCap Investments L.P.
("EnCap"), is pleased to announce closing of project debt financing
for its Pineview Solar project ("Pineview") this past December. Pineview is a 109MWdc utility-scale solar
energy facility located in Wilcox County,
Georgia.
The Pineview debt financing
comprises a construction-to-term loan, a tax equity bridge loan,
and a letter of credit facility. The financing is provided by a
syndicate of lenders led by First Citizens Bank ("First Citizens")
and Norddeutsche Landesbank Girozentrale ("NORD/LB").
"We are proud to announce the debt financing of Pineview," said Cassidy DeLine, Chief Executive Officer of Linea
Energy. "The financing is a critical step in the advancement of the
Pineview project. The capital
provided by First Citizens and NORD/LB will enable us to supply
clean, reliable solar power to Georgia while contributing to the local
economy."
Mike Lorusso, Managing Director
and Group Head for First Citizens' Energy Finance Group, added,
"First Citizens is excited to support Pineview and continue our partnership with
Linea. Pineview will advance
Georgia's clean energy goals by
delivering renewable energy to communities throughout the
state."
"We are pleased to partner with Linea in the Pineview financing," said Sondra Martinez, Managing Director of NORD/LB.
"This project will supply long-term, sustainable energy to
Georgia, serving an important role
in the state's energy transition. We look forward to continued
collaboration with Linea as the Pineview project advances through construction
and operations."
Winston & Strawn served as legal counsel to the lenders.
Skadden, Arps, Slate, Meagher & Flom LLP served as borrower
counsel to Linea Energy.
About Linea Energy
Linea Energy is a leading independent power producer focused on
the development, ownership, and operation of clean energy
infrastructure. Headquartered in San
Francisco, California, Linea is committed to driving the
energy transition through the efficient development of a diverse
portfolio of wind, solar, and battery energy storage projects. In
partnership with EnCap Energy Transition, Linea is dedicated to
creating sustainable energy solutions that support a low-carbon
future. Linea is focused on re-envisioning existing development
strategies and creating unique processes to build more, faster. For
more information, visit www.lineaenergy.com.
About EnCap Investments
Since 1988, EnCap Investments has been a leading provider of
growth capital to the independent sector of the U.S. energy
industry. The firm has raised 25 institutional investment funds
totaling approximately $42 billion
and currently manages capital on behalf of more than 350 U.S. and
international investors. Founded in 2019, the EnCap Energy
Transition platform is led by four Managing Partners, each with
30-35 years of experience in the development and operations of
renewable energy and other power generation assets. For more
information, please visit www.encapinvestments.com.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and
wealth clients build financial strength that lasts. Headquartered
in Raleigh, N.C., First Citizens
has built a unique legacy of strength, stability and long-term
thinking that has spanned generations. First Citizens offers an
array of general banking services including a network of more than
500 branches and offices in 30 states; commercial banking expertise
delivering best-in-class lending, leasing and other financial
services coast to coast; innovation banking serving businesses at
every stage; and a nationwide direct bank. Parent company First
Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S.
financial institution with more than $200
billion in assets and a member of the Fortune 500™. Discover
more at www.firstcitizens.com.
About NORD/LB
Norddeutsche Landesbank Girozentrale is a leading
commercial bank based in Hanover,
Germany, with a strong focus on corporate banking, public
sector financing, and capital markets. NORD/LB offers a broad range
of services to clients in the energy, infrastructure, and project
finance sectors, with a particular emphasis on renewable energy.
With more than 250 years of experience, NORD/LB provides tailored
financing solutions for large-scale projects worldwide, helping
clients achieve their sustainability and energy transition goals.
For more information, visit www.nordlb.com.
Media Contact:
info@lineaenergy.com
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SOURCE Linea Energy
