Apricus Generation, an American ompany specialising in distributed solar and battery development, has established a new $30m revolving credit facility with Atlantic Union Bank.
The strategic move will increase the company’s capital flexibility, enabling it to expedite project development and expansion plans and cater to the increasing demand for clean energy solutions.
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It also serves to maintain and leverage the company’s robust balance sheet.
Apricus Generation executive chairman and co-founder Gautam Chandra stated: “Securing this unique revolving development financing facility with Atlantic Union Bank marks another important step in our growth strategy.
“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.”
The collaboration with Atlantic Union Bank follows a successful Series A funding round.
Atlantic Union Bank commercial relationship manager John Lester stated: “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.”
Apricus Generation’s new financing facility follows the company’s acquisition of a controlling interest in Canada-based US solar and energy storage projects developer Nexus Renewables.
The additional financial support enhances the company’s efforts in assisting developers, optimising project finance, and offering management expertise to build an industry-leading platform.
Apricus Generation CEO and co-founder Ravi Thuraisingham stated: “This credit facility enhances our ability to rapidly respond to development opportunities with cost-effective capital.
“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.”
