US-based group Ecoplexus announced it has finalised a $300mn credit facility with funds managed by investment firm KKR, with participation from Sumitomo Mitsui Banking Corporation (SMBC). The funding is intended to support the development of more than 13 gigawatts of solar and energy storage projects throughout the United States.
A financing structure aligned with industrial growth
The facility includes both development capital and a letter of credit facility, providing Ecoplexus with liquidity tailored to its short and medium-term operational needs. Ecoplexus Chief Executive Officer John Gorman stated that this transaction represents a structuring milestone for the company, granting it the means to secure the construction launch of several gigawatts of projects in the near term.
The financing will also support over $2.5bn in project finance, including investments in shovel-ready assets and their long-term ownership. According to Ed Campaniello, Senior Vice President of Finance at Ecoplexus, this capital structure enhances the competitiveness of their US portfolio while strengthening their ability to attract partners for advanced development phases.
An operation backed by KKR’s asset-based finance strategy
The deal is based on the Asset-Based Finance strategy implemented by KKR. Sam Mencoff, Director at KKR, praised Ecoplexus’s execution capabilities, highlighting the analytical discipline and scale of its development efforts. KKR plans to continue supporting the company as it scales its renewable energy infrastructure portfolio.
Ecoplexus, active for several years in energy project development in the US, is thus consolidating its position in the solar and storage segment, considered strategic for future energy infrastructure. The company aims to accelerate construction starts based on this stabilised financial platform, in a market where large-scale projects are attracting growing interest from institutional investors.
