Forbright Bank provides financing for two solar parks in Puerto Rico | Company
CHEVY CHASE, Md.–(BUSINESS WIRE)–Nov. 16, 2022–
Forbright Bank, a national full-service bank helping to accelerate the transition to a clean energy economy, has successfully raised and syndicated credit facilities for Infinigen Renewables, a subsidiary of ArcLight Energy Partners Fund VII, LP, (together with its affiliates, “ArcLight”).
Infinigen owns and operates two solar parks in Puerto Rico – Oriana in Isabela, PR and Horizon in Salinas, PR. The solar parks provide a total production capacity of 73 MW. Both assets are fully contracted under over 20-year power purchase agreements with the country’s utility – Puerto Rico Electric Power Authority (PREPA).
The transition to sustainable solar resources is essential for Puerto Rico to improve safety, reliability and reduce the cost of energy. Under Puerto Rico law (Law 17), PREPA must meet a target of 40% renewable energy generation by 2025, increasing to 100% renewable energy by 2050. In 2021, only 3% of the country’s power was generated by renewables, with the rest of the distributed power powered by imported oil, coal and fracking gas at a higher cost. Forbright-funded solar projects are helping to advance the island’s energy revolution that will provide cleaner, more storm-resistant and localized power generation.
“This funding is another example of the role Forbright is playing in accelerating the transition to a cleaner economy,” said Don Cole, CEO of Forbright Bank. “Supporting ArcLight and its Infinigen Solar Platform is a key part of Forbright’s mission to fund companies taking action to decarbonize the economy.”
Forbright Bank is committed to accelerating the transition to clean energy by financing projects and technologies that support decarbonization and sustainability. Forbright has pledged to dedicate half of its portfolio by 2025 to funding companies, investors and innovators – like Infinigen – that are taking action to increase sustainability and transition to a low-carbon economy.
“Infinigen and ArcLight are delighted to partner with Forbright Bank on this transaction,” said Gavin Danaher, Partner at ArcLight. “The relationship with Forbright provides us with the opportunity to partner with companies that not only contribute to a low-carbon future, but also have a deep understanding of renewable finance. Forbright and its syndicated partners have provided capital to Infinigen which will allow the Infinigen platform to develop additional solar projects in Puerto Rico.
Forbright acted as senior administrative agent, offshore collateral agent and lender and was joined by Generate and Banco Popular as senior lenders in the transaction.
Infinigen Renewables is an ArcLight-backed platform focused on large-scale solar and commercial and industrial (C&I) projects. The platform includes a dedicated operations and asset management team positioned to develop and exploit renewable opportunities in North America, Central America and the Caribbean. To learn more about Infinigen Renewables, visit www.infinigenrenewables.com.
About ArcLight Capital Partners:
ArcLight Capital Partners, LLC is a leading private equity firm focused on energy, infrastructure and energy transition, with a successful long-term track record. Founded in 2001, the company helped pioneer an asset-based approach to investing in power, renewables, infrastructure and the broader energy value chain. Through its extensive infrastructure portfolio, ArcLight invests in companies that provide decarbonization energy solutions with a strong focus on ESG, including access to reliable and affordable energy resources through safe and environmentally responsible operations. the environment. Based in Boston, the firm’s investment team employs a value-added investment approach that benefits from its dedicated in-house technical, operational and business specialists and partners, as well as the asset management subsidiary of approximately 1,800 people in the company. For more information about ArcLight, visit www.arclight.com.
About Forbright Bank:
Forbright Bank (www.forbrightbank.com), Member FDIC, is a full-service bank, commercial lender and asset manager headquartered in Chevy Chase, Maryland, committed to accelerating the transition to a sustainable and clean energy economy by funding the companies, investors and innovators driving this change. With approximately $9 billion in assets owned and managed, the Bank provides specialized lending and banking services to clients across the United States. Its lending divisions offer products nationwide, including customized home loans, working capital, warehouse lines of credit and term loan purchase agreements. The Bank offers home loans, mortgages and other business loans, as well as sophisticated and competitive deposit products.
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CONTACT: Ben Wakana
KEYWORD: MARYLAND CARIBBEAN PUERTO RICO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES ENVIRONMENTAL POLICY UTILITIES SUSTAINABILITY ENVIRONMENTAL HEALTH ALTERNATIVE ENERGY ENERGY STATE/LOCAL ENVIRONMENT CLIMATE CHANGE PUBLIC POLICY/GOVERNMENT
SOURCE: Forbright Bank
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PUBLISHED: 11/16/2022 06:00 / DISK: 11/16/2022 06:02