SAN FRANCISCO, Jan. 8, 2025 /PRNewswire/ -- Linea Energy ("Linea"), a renewables-focused developer and independent power producer that is sponsored by EnCap Investments L.P. ("EnCap"), is pleased to announce closing of project debt financing for its Pineview Solar project ("Pineview") this past December. Pineview is a 109MWdc utility-scale solar energy facility located in Wilcox County, Georgia.
The Pineview debt financing comprises a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. The financing is provided by a syndicate of lenders led by First Citizens Bank ("First Citizens") and Norddeutsche Landesbank Girozentrale ("NORD/LB").
"We are proud to announce the debt financing of Pineview," said Cassidy DeLine, Chief Executive Officer of Linea Energy. "The financing is a critical step in the advancement of the Pineview project. The capital provided by First Citizens and NORD/LB will enable us to supply clean, reliable solar power to Georgia while contributing to the local economy."
Mike Lorusso, Managing Director and Group Head for First Citizens' Energy Finance Group, added, "First Citizens is excited to support Pineview and continue our partnership with Linea. Pineview will advance Georgia's clean energy goals by delivering renewable energy to communities throughout the state."
"We are pleased to partner with Linea in the Pineview financing," said Sondra Martinez, Managing Director of NORD/LB. "This project will supply long-term, sustainable energy to Georgia, serving an important role in the state's energy transition. We look forward to continued collaboration with Linea as the Pineview project advances through construction and operations."
Winston & Strawn served as legal counsel to the lenders. Skadden, Arps, Slate, Meagher & Flom LLP served as borrower counsel to Linea Energy.
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, 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 $42 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 renewable energy and other power generation assets. 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 Fortune 500™. Discover more at www.firstcitizens.com.
About NORD/LB
Norddeutsche Landesbank Girozentrale is a leading commercial bank based in Hanover, Germany, with a strong focus on corporate banking, public sector financing, and capital markets. NORD/LB offers a broad range of services to clients in the energy, infrastructure, and project finance sectors, with a particular emphasis on renewable energy. With more than 250 years of experience, NORD/LB provides tailored financing solutions for large-scale projects worldwide, helping clients achieve their sustainability and energy transition goals. For more information, visit www.nordlb.com.
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SOURCE Linea Energy