Navisun to Scale Solar and Energy Storage Portfolio With $235M in Financing

The Hingham-based company owns and operates 21 solar projects across the U.S.

Written by Jeff Rumage
Published on Mar. 14, 2023
Navisun to Scale Solar and Energy Storage Portfolio With $235M in Financing
An aerial photograph of an agrivoltaic project in Rockport, Maine
An aerial photograph of an agrivoltaic project in Rockport, Maine. | Photo: Navisun

Hingham-based Navisun announced Monday that it received $235 million in debt financing to scale its portfolio of solar power generation and energy storage projects.

Founded in 2017, Navisun owns and operates 21 solar projects across the U.S., according to the company’s website. Another five projects are under construction, according to the website. Navisun was acquired by OMERS Infrastructure in 2021.

Navisun said in a statement that the new financing will allow the company to construct or acquire additional solar and energy storage projects. 

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“The financing facilities we have secured provide us with the necessary capital to continue to innovate and expand our portfolio of solar and storage projects, while also continuing to deliver reliable and affordable energy solutions to our customers,” Navisun co-founder and managing partner Doug Johnsen said in a statement. “We look forward to working with our financing partners as we continue to scale our business.”

The financing comes from two facilities led by MUFG. The first facility is a $105 million, five-year revolving construction credit facility with a $50 million accordion feature to increase the credit line in the future. The second facility is a $130 million, five-year loan with a $75 million accordion option. 

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