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