Apricus Generation has secured a $30 million revolving credit facility from Atlantic Union Bank to support its solar and battery storage development projects, the company announced Tuesday.
The Miami-based energy firm said the financing will give it greater flexibility to fund ongoing development and expansion initiatives across its national platform. Apricus, which focuses on distributed solar and energy storage, plans to use the funds to accelerate project timelines and scale operations.
“This facility provides us with additional financial flexibility to advance our development pipeline and support our expanding portfolio,” said Gautam Chandra, executive chairman and co-founder of Apricus Generation.
Ravi Thuraisingham, CEO and co-founder, said the credit facility complements the company’s equity capital and will allow it to respond quickly to development opportunities.
Atlantic Union Bank, based in Richmond, Virginia, expressed confidence in Apricus’ growth prospects.
“Apricus has demonstrated strong project development capabilities,” said John Lester, commercial relationship manager at the bank. “We’re pleased to support their continued expansion in the renewable energy sector.”
The announcement follows Apricus’ recent acquisition of a controlling interest in Nexus Renewables, a Toronto-based developer of solar and energy storage projects in the U.S.
Apricus Generation was founded to build a national independent power producer platform. It partners with developers by providing capital and management expertise to advance clean energy projects.
