Copia Power closes $300 million corporate credit facility to accelerate development and procurement efforts on its Western solar and storage portfolio
Dana Point, CA and Washington, DC – Copia Power (Copia) today announced it has executed a $300 million sized corporate credit facility to support the continued growth and execution of its focused 17+GW development portfolio.
The flexible structure allows for both cash borrowings and LC issuance on a revolving basis, up to the commitment limit. There are accordion features that will allow this capital to grow with the company as Copia’s pipeline of projects matures.
According to Brian Callaway, Copia’s CFO, “This is a real milestone for Copia. This species of capital is increasingly differentiating in a world of larger assets, longer dated development cycles and increasingly significant deposits for both equipment and offtake. This is table stakes for a giga-pipeline like ours. We are grateful for the support of our capital partners- BMO Capital Markets and SMBC.”
David Gluck, Managing Director at Carlyle, said, “In the current complex development landscape, this type of flexible capital is key to ensuring success. We are grateful for the continued support of our capital partners. When paired with Copia’s unique asset base and capabilities, the future is indeed exciting.”
Stoel Rives LLP served as Borrower’s counsel on the deal. Milbank served as CLA’s counsel.
Carlyle Capital Markets served as Copia’s advisors.
About Copia Power
Copia Power is a Carlyle-backed renewable energy platform committed to developing, constructing, and owning large-scale infrastructure assets in the U.S. to accelerate decarbonization in all areas of the economy. Copia Power is currently constructing one 750 MW project in AZ and actively developing more than 17 GW of large solar and storage projects across the U.S. Further information is available at www.copiapower.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $382 billion of assets under management as of September 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle.
Contacts:
Copia Power
Katie Heath
katie.heath@copiapower.com
Carlyle
Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com
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