Ecoplexus closed a $300 million credit facility from capital accounts advised by KKR, a global investment firm. The facility includes development capital and a letter of credit facility provided by Sumitomo Mitsui Banking Corporation (SMBC). It will support the advancement of Ecoplexus’ 13GW of solar and storage projects across the United States.
“This financing marks an important milestone for our business and gives us the certainty and scale required to advance several GW of projects to start of construction in the near term,” John Gorman, CEO of Ecoplexus, said. “We appreciate the support of KKR and SMBC and value their confidence in our platform.”
Ed Campaniello, senior vice president of finance at Ecoplexus, said, “Securing this cost-effective capital solution strengthens our U.S. portfolio. This facility will support over $2.5 billion of project finance, including investment partnerships in construction ready projects and the long term ownership of strategic assets.”
Sam Mencoff, director at KKR, said, “We’re pleased to finance Ecoplexus and its high-quality, large-scale portfolio of development assets through our asset-based finance strategy. Ecoplexus has shown analytical sophistication, discipline and scale in its approach to development, and we look forward to supporting the company as it continues to expand its solar and storage portfolio in its next phase of growth.”
