VoltaGrid Closes Revolving Credit Facility to Advance its Carbon Reduction Power Generation and Fuels Platform
VoltaGrid LLC announced that the Company has entered into a senior secured revolving credit facility (the “Facility”). The Facility provides the Company immediate access to USD 60 million, and up to USD 150 million under certain conditions.
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The Facility is expected to be used primarily for capital expenditures, working capital, and other general corporate purposes. The Facility contains customary representations, warranties, covenants (affirmative and negative, including maximum consolidated total leverage ratio and minimum consolidated interest coverage ratio covenants), and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of amounts borrowed.
“We deeply appreciate the support from BMO Capital Markets and Export Development Canada (EDC), a Canadian Financial Crown Corporation, on our new credit facility,” said Nathan Ough, President and CEO of VoltaGrid. “Securing this new credit facility and having the flexibility to grow to USD 150 million is an important milestone in our company’s life and provides us with the necessary capital to support our customers and their growth plans.”
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“BMO is committed to supporting our clients as they pursue opportunities created by the global shift in production and consumption of energy,” said Aaron Engen, Vice Chair Investment & Corporate Banking and Co-Head, Energy Transition Group at BMO Capital Markets. “VoltaGrid provides its customers practical decarbonization solutions with its unique product offering, and we are pleased to support the Company’s growth with our capital through this Facility.”
“At EDC, we believe one of the most important contributions we can make in the transition to a low carbon economy is by supporting the development and adoption of innovative cleaner technologies,” said Guillermo Freire, Senior-Vice President, Mid-Market, and responsible for EDC’s cleantech practice. “This is why we’re pleased to support VoltaGrid as it scales up and expands the reach of its solutions, which are helping their customers in resources and industrial-based sectors to measure and lower their emissions and contribute positively to the energy transition.”
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