SAN FRANCISCO, CA. (January 10, 2024) Ecoplexus Inc., today announced the closing of an increase of its existing credit facility with New Energy Capital. The facility has been increased to $150 million. The transaction closed in the fourth quarter of 2023. The credit facility will be used to support its 1.5GW late stage portfolio as it enters its engineering, procurement and construction phase, and accelerate the Company’s 9GW solar and 8GW / 16 GWH US development pipeline. Ecoplexus has projects in the majority of regions in the US, including both regulated and unregulated utility areas.
As Ecoplexus continues to scale its operations, so does the need for access to additional capital from key financial partners. The two Companies first partnered in 2016 and New Energy Capital has been a committed partner to Ecoplexus’ US business as the Company has continued to grow.
“We’re grateful for New Energy Capital’s continued support of our US business,” said John Gorman, CEO of Ecoplexus. “We are proud of our track record of high value development and project success rates, as well as our balanced approach to capital management. Having a partner like New Energy Capital for many years has been essential to our execution plan.”
“New Energy Capital is excited to further our commitment to Ecoplexus” said Patrick Fox, Partner at New Energy Capital. “Ecoplexus is a top-tier developer and it has been a privilege to work with them since 2016.”
About New Energy Capital
New Energy Capital, a Victory Capital Investment Franchise, is a leading alternative asset manager investing across the capital structures of clean energy infrastructure projects and companies. Headquartered in Hanover, New Hampshire, NEC was one of the first investors to focus on clean energy and infrastructure assets. NEC has invested or committed more than $1.5 billion across more than 40 investments. For more information, please visit www.newenergycapital.com.
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