First Citizens Bank has announced that its Energy Finance business served as lead arranger on a $145 million financing package for Linea Energy LLC. This significant investment will support the development of advanced renewable energy projects across the United States, furthering Linea’s commitment to clean energy and environmental sustainability.
Linea Energy, a renewables platform and independent power producer, was founded in 2002 and is headquartered in San Francisco, California. The company specializes in the development, ownership, and operation of clean energy infrastructure, and is a portfolio company of EnCap Investments L.P.
The financing package, which includes a revolving credit facility, a letter of credit, and a term loan, will fuel the growth of Linea’s diverse project pipeline. This pipeline focuses on expanding the use of clean energy sources, such as solar and wind power, and promoting environmental sustainability nationwide.
Cassidy DeLine, CEO of Linea Energy, expressed gratitude for First Citizens Bank’s expertise and support, stating that the financing marks a significant milestone in Linea’s evolution as a leading developer and producer of renewable energy.
Mike Lorusso, head of First Citizens Bank’s Energy Finance business, highlighted the bank’s commitment to providing tailored financing solutions to leading renewable energy developers. He emphasized that the collaboration with Linea exemplifies this commitment and demonstrates the innovative nature of the credit facility, combining features of corporate and project finance to support Linea’s high-quality project portfolio.
First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
First Citizens Bank, headquartered in Raleigh, North Carolina, is known for its commitment to building financial strength that lasts. The bank offers a wide range of services to individuals, businesses, and commercial clients, including a network of over 500 branches and offices across 30 states, commercial banking expertise, innovation banking, and a nationwide direct bank. Its parent company, First Citizens BancShares, Inc., is a top 20 U.S. financial institution with over $200 billion in assets and a member of the Fortune 500.
