TORONTO, Sept. 21, 2022 /CNW/ - Nexus Renewables Inc. ("Nexus"), a North American renewable developer having more than 1 GW of solar and energy storage projects under development, has closed a $5 million USD asset-backed credit facility with Scale Microgrid Solutions ("Scale"), a Warburg Pincus portfolio company.
Nexus will use proceeds of the financing to advance 100+ MW of late-stage distribution-scale solar and energy storage projects to notice-to-proceed. In aggregate, these projects will provide enough electricity to meet the needs of more than 150,000 homes, thereby helping to avoid 120,000 tonnes of CO2 emissions from fossil fuels.
This transaction marks a significant milestone for Nexus Renewables.
According to Keith Sandor, Chief Executive Officer of Nexus Renewables, "this new credit facility underscores the confidence Scale has in our ability to effectively direct capital in scale into renewable energy infrastructure. It represents a departure from traditional project financing models, providing great flexibility to Nexus to develop and manage its growing distribution-scale pipeline".
The credit facility is one of the more innovative products offered through Scale's Capital Solutions platform,
"Closing this transaction signifies the achievement of another significant milestone in our strategic relationship with Nexus. Our team delivered a creative capital solution that empowers developers like Nexus to pursue projects that align with our vision of a world powered by distributed energy," said Julian Torres, CFA, Scale's Chief Investment Officer.
About Nexus Renewables: Nexus Renewables is a pure-play renewable development company, having more than 1GW of solar and energy storage projects under development. Nexus focuses on development-stage activities, advancing projects from concept to notice-to-proceed, partnering with more efficient capital providers to advance execution-stage activities to achieve commercial operation. For more information, visit www.nexusrenewables.ca.
About Scale Microgrid Solutions: Scale is a vertically integrated distributed energy platform, with a core focus of designing, building, financing, owning and operating cutting-edge distributed energy assets that offer cheaper, cleaner, and more resilient power. Their team of energy and financing experts accelerate growth in distributed energy projects by providing financing to technology providers, energy developers, and OEMs, while also directly helping large energy-consuming customers to take charge of their energy infrastructure and future-proof their businesses.
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SOURCE Nexus Renewables
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