New Financing Vehicle Supports Continued Growth in Solar and Battery Storage Development Platform
Apricus Generation, a rapidly growing holding company focused on building a national distributed solar and battery development and Independent Power Producer (IPP) platform, announced today the establishment of a new revolving $30 million credit facility with Atlantic Union Bank (AUB). This financing agreement provides Apricus Generation with enhanced capital flexibility to accelerate project development and meet growing demand for clean energy solutions across its markets.
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The revolving credit facility will enable Apricus to efficiently fund development activities and strategic expansion initiatives while maintaining and leveraging the company’s strong balance sheet. This partnership with Atlantic Union Bank represents a significant milestone in Apricus Generation’s growth trajectory following its successful Series A funding round and demonstrates the financial community’s confidence in the company’s business model and development pipeline.
“Securing this unique revolving Development financing facility with Atlantic Union Bank marks another important step in our growth strategy,” said Gautam Chandra, executive chairman and co-founder of Apricus Generation. “This facility provides us with additional financial flexibility to advance our development pipeline more efficiently and support our expanding portfolio of solar and battery storage projects. As we continue building our national platform, access to this type of capital is essential for accelerating clean energy deployment across our target markets.”
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“Atlantic Union Bank is pleased to support Apricus Generation in their clean energy development efforts,” said John Lester, commercial relationship manager at Atlantic Union Bank. “This credit facility highlights our commitment to financing the clean energy transition. Apricus has demonstrated strong project development capabilities and significant growth momentum, and we look forward to supporting their continued expansion in the renewable energy sector.”
“This credit facility enhances our ability to rapidly respond to development opportunities with cost effective capital,” said Ravi Thuraisingham, CEO and co-founder of Apricus Generation. “Working with Atlantic Union Bank gives us the financial agility needed in today’s dynamic clean energy market, allowing us to focus on accelerating project timelines and expanding our footprint across the country. This facility complements our equity capital base and positions us for continued growth and execution.”
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The new revolving development financing facility comes at a time of significant momentum for Apricus Generation, which recently acquired a controlling interest in Nexus Renewables, a Toronto-based developer of US solar and energy storage projects. This financing will further support and accelerate the company’s business model in supporting developers, streamlining project finance and providing management expertise to build an industry leading platform.
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Source – Businesswire
