Navisun secures $235 mn in debt financing led by MUFG

March 14 -- Navisun, a solar power producer, has secured up to $235 million in debt financing through two facilities.

Navisun said the financing will support the company’s growth strategy, allowing it to execute on its project pipeline in order to serve additional customers with solar energy generation and storage.

The first facility is a $105 million, five-year revolving construction credit facility, which includes a letter of credit facility. In addition, the financing incorporates an up to $50 million accordion feature allowing the company flexibility to upsize as its portfolio grows.

The financing was led by MUFG, which acted as administrative agent, issuing bank, and coordinating lead arranger. Export Development Canada acted as mandated lead arranger, and Wilmington Trust, acted as collateral agent and depository.

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. MUFG also led the financing for the second facility, as well as serving as administrative agent, issuing bank, and coordinating lead arranger. Wells Fargo Bank and Export Development Canada acted as mandated lead arrangers, and Wilmington Trust, acted as collateral agent and depository.

“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,” said Doug Johnsen, managing partner and co-founder of Navisun.