Bank / Credit Union
First Citizens Bank delivers $145M for renewable energy projects
September 13, 2024
First Citizens Bank announced that its Energy Finance business delivered $145 million to finance renewable energy projects with Linea Energy LLC. The financing includes a credit facility, letter of credit and term loan to support clean energy, according to a press release.
Linea Energy, a portfolio company of EnCap Investments LP, particularly focuses on developing clean energy infrastructure.
"First Citizens is pleased to partner with Linea in this innovative credit facility, which combines features of both corporate and project finance to support Linea's high-quality, diversified project portfolio," Mike Lorusso lead of First Citizens Bank's Energy Finance business, said in the release. "Our collaboration with Linea demonstrates First Citizens' commitment to provide tailored financing solutions to leading renewable energy developers."
"The closing of the credit facility is a significant milestone in Linea's evolution as a renewables developer and independent power producer," Cassidy DeLine, CEO of Linea Energy, said in the release. "We appreciated the expertise and industry knowledge of the First Citizens Energy Finance team bringing this financing to a successful conclusion."
