Linea Energy Secures Financing for Pineview Solar Project in Georgia

Linea Energy Completes Successful Debt Financing for Pineview Solar Project in Georgia

On January 8, 2025, Linea Energy, a developer dedicated to advancing renewable energy solutions, announced the successful closing of project debt financing for its Pineview Solar project. The financing, which was completed in December, is a significant milestone for this large-scale solar initiative. Located in Wilcox County, Georgia, Pineview boasts a capacity of 109 megawatts direct current (MWdc) and aims to deliver reliable solar power to the region.

The financing package included a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility, highlighting the robust financial backing for this venture. A syndicate of lenders spearheaded by First Citizens Bank and Norddeutsche Landesbank Girozentrale (NORD/LB) played a crucial role in providing the funds necessary to power this promising project.

Cassidy DeLine, the CEO of Linea Energy, expressed pride in securing this financing, emphasizing its importance in propelling the Pineview project forward. He remarked, "The financing is a critical step in the advancement of the Pineview project. The capital provided by First Citizens and NORD/LB will enable us to supply clean, reliable solar power to Georgia while contributing to the local economy." This statement underscores the dual focus of the project on both energy generation and local economic benefits.

Mike Lorusso, Managing Director and Group Head for First Citizens' Energy Finance Group, echoed this sentiment, stating, "First Citizens is excited to support Pineview and continue our partnership with Linea. Pineview will advance Georgia's clean energy goals by delivering renewable energy to communities throughout the state." This partnership exemplifies a collaborative effort towards achieving the state's energy targets through innovative financing solutions.

NORD/LB's Managing Director Sondra Martinez also highlighted the project's significance for Georgia's energy landscape. She said, "This project will supply long-term, sustainable energy to Georgia, serving an important role in the state's energy transition. We look forward to continued collaboration with Linea as the Pineview project advances through construction and operations.” Her comments reflect NORD/LB's commitment to supporting substantial renewable energy projects that foster a sustainable future.

Legal counsel for this multifaceted financing deal was provided by Winston & Strawn for the lenders, while Skadden, Arps, Slate, Meagher & Flom LLP served as borrower counsel to Linea Energy. The collaboration among these firms is indicative of the complex nature of financing renewable energy projects and the importance of legal guidance in navigating this landscape.

About Linea Energy

Linea Energy is a prominent independent power producer with a focus on developing, owning, and operating clean energy infrastructure. With its headquarters in San Francisco, California, Linea is dedicated to advancing the energy transition by efficiently developing a diverse blend of renewable energy projects, including wind, solar, and battery energy storage solutions. Their mission revolves around crafting sustainable energy solutions to support a low-carbon future in collaboration with EnCap Energy Transition.

About EnCap Investments

Founded in 1988, EnCap Investments has established itself as a leading provider of growth capital to the independent segment of the U.S. energy industry. With 25 institutional investment funds totaling approximately $42 billion to date, EnCap Investments manages capital for over 350 U.S. and international investors. Their Energy Transition platform, launched in 2019, focuses on renewable energy and power generation assets, underscoring EnCap's commitment to sustainable development.

About First Citizens Bank

Headquartered in Raleigh, North Carolina, First Citizens Bank offers a wide range of financial services to personal, business, commercial, and wealth clients. With over 500 branches across 30 states, the bank has become known for its strength and stability. First Citizens aims to empower its clients through financial strength that lasts, supporting projects like Pineview that are vital for the future of renewable energy.

About NORD/LB

Norddeutsche Landesbank Girozentrale, based in Hanover, Germany, specializes in corporate banking and public sector financing, with a strong emphasis on renewable energy. With a legacy spanning over 250 years, NORD/LB is positioned as a key player in providing tailored financial solutions for large-scale projects worldwide, aiming to support clients in achieving their sustainability goals.

The progress associated with the Pineview Solar project exemplifies the crucial advancements being made in renewable energy financing and the collaborative efforts necessary to transition towards a more sustainable energy landscape.