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San Francisco, CA --- 9/3/2024--- Linea Energy (“Linea” or the “Company”), a renewables-focused developer and independent power producer that is sponsored by EnCap Investments L.P. (“EnCap”), today announced the final closing of a $145 million corporate revolving credit facility. Proceeds from the facility will support the advancement and growth of Linea’s four gigawatt, technologically and geographically diversified project pipeline.
The credit facility provides Linea with flexible access to both cash borrowings and letter of credit capacity. With the enhanced financial flexibility that the credit facility provides, the Company is positioned to capitalize on today’s increasingly complex renewable energy landscape, characterized by longer interconnection timelines and higher financial security requirements.
“The closing of the credit facility is a significant milestone in Linea’s evolution as a renewables developer and independent power producer,” said Cassidy DeLine, Chief Executive Officer of Linea Energy. “We thank the lenders for their partnership in Linea’s inaugural debt financing. With an expanded capital base, Linea is positioned to execute on our growing pipeline as we continue our mission to become a leader in the development and ownership of clean energy infrastructure.”
Kellie Metcalf, Managing Partner of EnCap Energy Transition, added, “Optimizing the cost of capital for security deposits and other development expenses is critical to efficiently deliver competitive renewable energy projects at scale. We are excited to steward Linea in its next stage of growth as the Company matures into a world-class renewables platform.”
Linea assembled a consortium of lenders, including First Citizens Bank, which served as sole coordinating lead arranger and administrative agent, Santander Bank, Macquarie Group Ltd., and ICBC Standard Bank Plc..
Mike Lorusso, Managing Director and Group Head for First Citizens’ Energy Finance group, said, “First Citizens is pleased to partner with Linea in this innovative credit facility, which combines features of both corporate and project finance, to support the Company’s high-quality, diversified project portfolio. Our partnership with Linea demonstrates First Citizens’ commitment to provide tailored strategic financing solutions to leading renewable energy developers.”
Kirkland & Ellis LLP served as legal counsel to Linea Energy and Winston & Strawn LLP acted as lender counsel. Vinson & Elkins LLP served as legal counsel to EnCap.
About Linea Energy
Linea Energy is a leading independent power producer focused on the development, ownership, and operation of clean energy infrastructure. Headquartered in San Francisco, California, Linea is committed to driving the energy transition through the efficient development of a diverse portfolio of wind, solar, and battery energy storage projects. In partnership with EnCap Energy Transition Fund II, Linea is dedicated to creating sustainable energy solutions that support a low-carbon future. Linea is focused on re-envisioning existing development strategies and creating unique processes to build more, faster. For more information, visit www.lineaenergy.com.
About EnCap Investments
Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional investment funds totaling approximately $41 billion and currently manages capital on behalf of more than 350 U.S. and international investors. Founded in 2019, the EnCap Energy Transition platform is led by four Managing Partners, each with 30-35 years of experience in the development and operations of renewables and power generation. For more information, please visit www.encapinvestments.com.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune500™. Discover more at firstcitizens.com.
