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<a href="https://ir.ameresco.com/" target="_blank" rel="noopener">Ameresco</a>, a company that develops and operates clean energy assets, has secured a $100 million second lien debt financing from Nuveen Energy Infrastructure Credit, with Oppenheimer &amp; Co. acting as the Lead Arranger for the transaction.
This funding will solidify the company’s commitment to growing its business and provide a stable balance sheet on attractive terms.
“We look forward to our partnership with Ameresco and are excited to provide long-term financing to support its growing business,” said Don Dimitrievich, Portfolio Manager of Nuveen’s Energy Infrastructure Credit business. “Supporting best-in-class energy efficiency and renewable energy operators like Ameresco is fundamental to our business.”
The financing is leverage-neutral for the quarter ended June 30, 2024, as the net proceeds were used to pay off the remaining balance of the Company’s Delayed Draw Term Loan A, with the remaining funds being applied to reduce the outstanding balance on the company’s senior secured revolving credit facility.
“With the extension of the Delayed Draw Term Loan A, we began exploring potential partners for creative debt capital. The Company continues to invest in assets from its development pipeline as well as explore opportunistic acquisitions, seeking to enhance shareholder value through investment returns that exceed its cost of capital. The competitive interest rate and the long tenor of the Nuveen financing supports these efforts and solidifies a new relationship with a multi-faceted lending and investment platform that we expect to contribute to the Company’s future growth,” said Doran Hole, Chief Financial Officer at Ameresco.
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced debt financing for the solar sector in Q1 2024 totaled $6.2 billion in 22 deals, a 59% increase YoY compared to Q1 2023 when $3.9 billion was raised in 17 deals.
Matrix Renewables, a global renewable energy company, and Santander Corporate &amp; Investment Banking <a href="https://cms.mercomindia.com/matrix-renewables-secures-322-million-debt-financing/" target="_blank" rel="noopener">closed</a> a €300 million (~$322 million) corporate debt financing deal. Matrix secured this financing as Green and Sustainability-Linked, aligning it with the Green and Sustainability-Linked Loan Principles.

Ameresco Secures $100 Million in Debt Financing

Lynher Energy, a joint venture between Napier Park Global Capital, an alternative asset manager, and Ethical Power, an integrated renewable energy solutions provider, <a href="https://cms.mercomindia.com/lynher-energy-secures-twitch-hill-solar-project/" target="_blank" rel="noopener">secured</a> a bank facility of £52.7 million (~$66.85 million), comprising development and term loans. The first use of the facility is to help finance the construction of the 26.1 MW Twitch Hill Solar project, which Lynher Energy acquired in March 2023.
Greenbacker Renewable Energy Company, an investment manager and independent power producer, through its wholly-owned subsidiary, has <a href="https://cms.mercomindia.com/greenbacker-acquires-of-solar-projects-in-colorado/" target="_blank" rel="noopener">acquired</a> three solar power projects totaling 12 MWdc in Colorado from One Energy, a solar and energy storage project developer. The acquisition comprises the Rocky Ford (2.6 MWdc), Totten (2.8 MWdc), and Montezuma (6.5 MWdc) solar power projects, all slated to enter commercial operation in mid-2023.
BESS Power, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/bess-power-secures-financing-develop-project-pipeline/" target="_blank" rel="noopener">secured</a> a project debt financing facility of up to $15 million from Leyline Renewable Capital to accelerate the development of its 2.4 GW of utility-scale standalone energy storage pipeline over the next four years.
Ameresco, an energy efficiency and renewable energy company, <a href="https://www.ameresco.com/ameresco-secures-300m-development-and-construction-loan-and-extends-maturity-of-senior-secured-credit-facility-term-loan/" target="_blank" rel="noopener">announced</a> the closing of a $300 million senior secured loan facility from HASI, an investment firm, to develop and construct clean energy assets. Ameresco has also entered into an amendment to the company’s current senior secured credit facility with a group of lenders led by Bank of America. This amendment adjusts the payment schedule for the Delayed Draw Term Loan A, with final maturity extended to mid-December 2023.
Fourth Partner Energy has entered into an <a href="https://www.mercomindia.com/adb-loan-fourth-partner-energys-open-access-project" target="_blank" rel="noopener">agreement</a> with the Asian Development Bank to secure a long-term loan of up to ₹1.2 billion (~$14.7 million) for constructing and operating a 25 MW solar open access project in the Tirunelveli district of Tamil Nadu. The project will supply clean and cost-effective solar energy to Fourth Partner Energy’s various commercial and industrial clients and is projected to yield approximately 50.7 GWh of electricity annually.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-atmos-renewables-acquires-karadoc-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Lynher Energy Secures $67 Million for Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-lynher-energy-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Lynher Energy, a joint venture between Napier Park Global Capital, an alternative asset manager, and Ethical Power, an integrated renewable energy solutions provider, <a href="https://mercomcapital.com/lynher-energy-secures-twitch-hill-solar-project/" target="_blank" rel="noopener">secured</a> a bank facility of £52.7 million (~$66.85 million), comprising development and term loans. The first use of the facility is to help finance the construction of the 26.1 MW Twitch Hill Solar project, which Lynher Energy acquired in March 2023.
Greenbacker Renewable Energy Company, an investment manager and independent power producer, through its wholly-owned subsidiary, has <a href="https://mercomcapital.com/greenbacker-acquires-of-solar-projects-in-colorado/" target="_blank" rel="noopener">acquired</a> three solar power projects totaling 12 MWdc in Colorado from One Energy, a solar and energy storage project developer. The acquisition comprises the Rocky Ford (2.6 MWdc), Totten (2.8 MWdc), and Montezuma (6.5 MWdc) solar power projects, all slated to enter commercial operation in mid-2023.
BESS Power, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/bess-power-secures-financing-develop-project-pipeline/" target="_blank" rel="noopener">secured</a> a project debt financing facility of up to $15 million from Leyline Renewable Capital to accelerate the development of its 2.4 GW of utility-scale standalone energy storage pipeline over the next four years.
Ameresco, an energy efficiency and renewable energy company, <a href="https://www.ameresco.com/ameresco-secures-300m-development-and-construction-loan-and-extends-maturity-of-senior-secured-credit-facility-term-loan/" target="_blank" rel="noopener">announced</a> the closing of a $300 million senior secured loan facility from HASI, an investment firm, to develop and construct clean energy assets. Ameresco has also entered into an amendment to the company’s current senior secured credit facility with a group of lenders led by Bank of America. This amendment adjusts the payment schedule for the Delayed Draw Term Loan A, with final maturity extended to mid-December 2023.
Fourth Partner Energy has entered into an <a href="https://www.mercomindia.com/adb-loan-fourth-partner-energys-open-access-project" target="_blank" rel="noopener">agreement</a> with the Asian Development Bank to secure a long-term loan of up to ₹1.2 billion (~$14.7 million) for constructing and operating a 25 MW solar open access project in the Tirunelveli district of Tamil Nadu. The project will supply clean and cost-effective solar energy to Fourth Partner Energy’s various commercial and industrial clients and is projected to yield approximately 50.7 GWh of electricity annually.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-atmos-renewables-acquires-karadoc-solar-project/" target="_blank" rel="noopener">brief</a>.

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					</table>Smart energy storage company <a href="https://www.stem.com/" target="_blank" rel="noopener">Stem</a> reported a net income of $19.1 million during the second quarter (Q2) of 2023, showing a significant year-over-year (YoY) improvement of 159.6% from a loss of $32 million.
The YoY improvement was mainly attributed to a one-time gain of $59 million resulting from the cancellation of a portion of the company&#8217;s 2028 Convertible Notes in Q2 of 2023, which led to the extinguishment of debt.
The company&#8217;s revenue stood at $93 million, a 39% YoY increase from $66.9 million.
The driver of the revenue increase was higher hardware revenue resulting from partnerships in both Front-of-the-Meter and Behind-the-Meter sectors.
Additionally, the solar asset performance management business, <a href="https://home.alsoenergy.com/" target="_blank" rel="noopener">AlsoEnergy</a>, contributed $18.6 million to the overall revenue growth.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a loss of $9.5 million, but it improved by 14.4% YoY from a loss of $11.1 million. The change in adjusted EBITDA was primarily driven by higher gross profit and continued focus on managing operating expenses.
Operational Highlights 
In Q2 2022, bookings amounted to $225.7 million, which increased by 5% YoY to reach $236.4 million.
The contracted backlog at the end of Q2 was $726.6 million, which was a growth of 88% YoY to take the cumulative figure to a record high of $1.36 billion.
The record contracted storage assets under management increased by 9% to become 3.8 GWh at the end of Q2 2023.
Contracted annual recurring revenue saw significant growth as well. At the end of Q2 2022, it was $57.6 million, which increased by 30% YoY to become $74.9 million by the end of Q2 2023.
Additionally, it showed a 5% QoQ increase from $71.5 million in Q1 2023.
1H 2023
In the first half (1H) of 2023, the company showcased a financial turnaround, recording a 52.8% YoY improvement in the net loss, recorded at $25.7 million from the previous $54.5 million.
Stem achieved revenue figures of $160.4 million, a 48.5% YoY increase.
The company&#8217;s EBITDA also demonstrated a positive trend, with a marginal 3% YoY improvement, reaching a loss of $23.2 million from $23.9 million.
The company&#8217;s financial results also reflected its growing differentiation in the market, characterized by a 10% quarterly growth in software services revenue for the fifth consecutive quarter.
The company said this differentiation can be attributed to its technology leadership, advanced AI and machine learning capabilities, and innovative approach, all of which contributed to delivering customer value and environmental benefit.
Additionally, the company is achieving commercial momentum, securing a 313 MWh battery storage system award from <a href="https://www.ameresco.com/" target="_blank" rel="noopener">Ameresco</a> to be operational in 2024. Moreover, their solar asset performance business is rebounding, exemplified by a 304 MW project award in Hungary.
John Carrington, Chief Executive Officer of Stem, said, “Given our strong performance in the first half of the year and visibility from our backlog, we reaffirm our full-year 2023 guidance across all of our key metrics and our continued expectation that we will achieve positive adjusted EBITDA in the second half of 2023.”
Stem’s revenue <a href="https://www.mercomindia.com/energy-storage-firm-stems-q1-23-revenue" target="_blank" rel="noopener">increased</a> 63% year-over-year (YoY) to $67 million in the first quarter (Q1) of the financial year (FY) 2023, driven by higher hardware revenue from Front-of-the-Meter and Behind-the-Meter partnership agreements.
According to a recent report by Wood Mackenzie, the energy storage market in the U.S., including grid-scale, residential and community, commercial, and industrial segments, <a href="https://www.mercomindia.com/us-grid-scale-energy-drop-by-33-in-q1-2023" target="_blank" rel="noopener">experienced</a> a 26% decline in Q1 of 2023 compared to the previous quarter, adding a total of 2,145 MWh.

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