CIBC-Led $450 Million Revolving Credit Facility Closes for Salt Lake City's rPlus Energies

Salt Lake City-based rPlus Energies announced that it has closed a revolving credit facility of up to $450 million. The three-year facility will fund the continued development and construction of the company's near-term pipeline of solar and energy storage projects across the American West, providing both funded borrowing capacity and letters of credit.

Backing From Nearly 1 GW in Operation

The facility is supported by cash flows from nearly 1 GW of operating assets. Among these are the Green River Energy Center and Pleasant Valley Solar 2, each of which reached commercial operation and completed its own term financing earlier this year.

Syndicate of Six Lenders Around CIBC

Canadian Imperial Bank of Commerce, New York Branch (CIBC) acted as Lead Left Arranger and Administrative Agent on the transaction. The facility was syndicated to a group of leading financial institutions comprising National Bank of Canada, Truist Bank, KeyBank, Wells Fargo, MUFG and Zions Capital Markets.

CFO Sees a Step in Scaling Up

Natalie Jackson, Chief Financial Officer of rPlus Energies, described the financing as a meaningful step as the company scales its business. "It reflects the progress our team has made and the confidence our lenders have in our long-term vision," she said. "With this capital in place, we're well positioned to support future growth and deliver on the opportunities ahead."

CIBC Points to U.S. Infrastructure Goals

Ines Serrao, Managing Director and Head of U.S. Project Finance & Infrastructure at CIBC, said the firm was pleased to support rPlus Energies in establishing the revolving credit facility.

"The closing of this facility with rPlus Energies reinforces our shared commitment to advancing the development of reliable and sustainable infrastructure across the U.S. renewable energy sector," she said.

Advisers on Both Sides of the Deal

Kirkland & Ellis advised rPlus Energies as legal counsel, while Milbank acted for the lending group.