Transaction Includes Construction Facility, Tax Equity Bridge and Back Leverage
Inaugural Debt Financing Transaction Also Enables Access to ABS Markets
February 21, 2024 — Radial Power announced today that it has closed on $225 million in debt financing from ATLAS SP Partners (“ATLAS SP”) to support Radial Power’s robust pipeline and operating platform of distributed generation projects, encompassing both asset- and portfolio-level, turnkey integrated commercial & industrial (C&I) and community solar solutions for real estate customers. The transaction represents Radial Power’s inaugural portfolio-level debt financing.
This debt facility, alongside Radial Power’s previously announced tax equity financing from Bank of America, will help fund the initial development and installation of more than 100 megawatts of C&I and community solar projects nationally. It will also enable efficient access to the liquid ABS markets, supporting potential future securitizations.
“We are excited to partner with ATLAS SP, an industry-leading structured products and asset-backed credit origination platform with significant experience in the sustainability and distributed generation space. This financing will support Radial Power’s robust pipeline of low-cost, low-carbon clean energy solutions that enable real estate companies to meet their short- and long-term ESG and sustainability goals,” said John M. King, Chief Financial Officer of Radial Power. “Our national portfolio of best-in-class distributed generation projects is unlocking value from underutilized real estate, delivering solutions to our customers and accelerating a sustainable U.S. energy transition.”
“As a proven provider of flexible and stable capital sources, we are proud to partner with Radial Power on this inaugural debt financing transaction, which will support Radial Power’s ability to deliver clean energy solutions for its real estate clients at scale,” said Can Baysan, Director at ATLAS SP. “There is an unmet need to deploy distributed solar solutions across commercial real estate sites in the United States, and this innovative financing solution will help the Radial Power team make continued progress on their business and sustainability goals.”
Latham & Watkins LLP acted as legal counsel to Radial Power, and Mayer Brown acted as legal counsel to ATLAS SP.
About Radial Power
Radial Power is a privately-owned, developer-owner-operator of distributed clean energy assets across large real estate portfolios. Founded in 2022, Radial Power assists owners of large real estate portfolios develop programs across multiple U.S. state and utility regulatory jurisdictions to achieve their ESG, climate, and renewable energy objectives. Radial Power provides its partners and customers with both asset and portfolio-level turn-key integrated commercial & industrial solutions, including developing, owning, and operating photovoltaic solar, BESS, and EV charging solutions. Radial Power is jointly owned by investment affiliates of energyRe and Lotus Infrastructure Partners and has offices in Houston and New York. For more information, visit www.radialpower.com
About ATLAS SP Partners
ATLAS SP Partners is a global investment firm that seeks to provide stable funding and capital markets services to companies seeking innovative and bespoke structured credit and asset-backed finance solutions. ATLAS SP is proud to build upon a legacy of excellence anchored in deep expertise and client service across the asset management landscape. For more information, please visit https://www.atlas-sp.com.
Media Contacts:
Radial Power:
info@radialpower.com
ATLAS SP Partners:
atlas-sp@joelefrank.com
212-355-4449