Forbright Bank, a nationwide full-service financial institution, has efficiently raised and syndicated debt amenities for Infinigen Renewables, a subsidiary of ArcLight Energy Partners Fund VII L.P.
Infinigen owns and operates two solar parks in Puerto Rico – Oriana in Isabela and Horizon in Salinas. The solar parks present a complete era capability of 73 MW. Both property are absolutely contracted below 20+ yr power buy contracts with Puerto Rico Electric Power Authority (PREPA), the nation’s utility.
Transitioning to sustainable solar sources is important for Puerto Rico to reinforce security, reliability and decrease the price of power. Under Puerto Rico regulation (Act 17), PREPA should meet a 40% renewable era aim by 2025 scaling as much as 100% renewable energy by 2050. As of 2021, solely 3% of the nation’s energy was generated by renewables with the remainder of the distributed energy powered by increased value imported oil, coal, and fracked fuel. The Forbright financed solar initiatives assist to progress the island’s energy revolution which can present for cleaner, extra storm resilient and localized power era.
“This financing is another example of the role Forbright plays in speeding the transition to a cleaner economy,” says Don Cole, CEO of Forbright Bank. “Supporting ArcLight and its Infinigen solar platform is a key part of Forbright’s mission to finance companies taking action to decarbonize the economy.”
“Infinigen and ArcLight are pleased to partner with Forbright Bank on this transaction,” states Gavin Danaher, companion at ArcLight. “The relationship with Forbright provides us an opportunity to partner with companies that not only contribute to a lower carbon future, but also have a deep understanding of renewable financings. Forbright and its syndicate partners provided Infinigen capital that will allow the Infinigen platform to develop additional solar projects in Puerto Rico.”
Forbright acted as first lien administrative agent, offshore collateral agent and lender and was joined by Generate and Banco Popular as first lien lenders within the transaction.