First Citizens Bank Arranges $145 Million in Financing for Linea Energy

Rhea-AI Summary

First Citizens Bank has arranged $145 million in financing for Linea Energy , a renewable energy developer and independent power producer. The financing package includes a revolving credit facility, a letter of credit, and a term loan to support Linea's diversified project pipeline across the United States. Linea Energy, established in 2002 and based in San Francisco, is a portfolio company of EnCap Investments L.P.

The deal demonstrates First Citizens Bank's commitment to providing tailored financing solutions for renewable energy developers. Mike Lorusso, head of First Citizens Bank's Energy Finance business, highlighted the innovative nature of the credit facility, which combines features of both corporate and project finance.

Positive

• First Citizens Bank secured a $145 million financing deal for renewable energy projects
• The financing package includes diverse instruments: revolving credit facility, letter of credit, and term loan
• The deal supports Linea Energy's growth and expansion of clean energy infrastructure nationwide

Negative

• None.

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NEW YORK, Sept. 3, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Energy Finance business served as lead arranger on $145 million in financing on behalf of Linea Energy LLC for the development of advanced renewable energy projects across the U.S.

Established in 2002 and headquartered in San Francisco, California, Linea Energy is a renewables platform and independent power producer focused on the development, ownership, and operation of clean energy infrastructure. It is a portfolio company of EnCap Investments L.P.

The financing, which includes a revolving credit facility, a letter of credit and a term loan, will support the development and growth of Linea's diversified project pipeline, which focuses on expanding the use of clean energy sources and promoting environmental sustainability nationwide.

"The closing of the credit facility is a significant milestone in Linea's evolution as a renewables developer and independent power producer," said Cassidy DeLine, Chief Executive Officer of Linea Energy. "We appreciated the expertise and industry knowledge of the First Citizens Energy Finance team bringing this financing to a successful conclusion."

"First Citizens is pleased to partner with Linea in this innovative credit facility, which combines features of both corporate and project finance to support Linea's high-quality, diversified project portfolio," said Mike Lorusso, who leads First Citizens Bank's Energy Finance business. "Our collaboration with Linea demonstrates First Citizens' commitment to provide tailored financing solutions to leading renewable energy developers."

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.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Ella Bristow
(212) 461-5322
Ella.bristow@firstcitizens.com

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SOURCE First Citizens Bank

FAQ

What is the value of the financing arranged by First Citizens Bank for Linea Energy?

First Citizens Bank arranged $145 million in financing for Linea Energy

What types of financing are included in the deal for Linea Energy (FCNCA)?

The financing package includes a revolving credit facility, a letter of credit, and a term loan.

What is the purpose of the financing provided to Linea Energy by First Citizens Bank?

The financing will support the development and growth of Linea Energy's diversified project pipeline, focusing on expanding clean energy sources and promoting environmental sustainability nationwide.

When was Linea Energy established and where is it headquartered?

Linea Energy was established in 2002 and is headquartered in San Francisco, California.