Forbright Bank, a nationwide full-service bank, has successfully raised and syndicated debt facilities for Infinigen Renewables, a subsidiary of ArcLight Energy Partners Fund VII LP
Infinigen owns and operates two solar parks in Puerto Rico – Oriana in Isabela and Horizon in Salinas. The solar parks provide a total generation capacity of 73 MW. Both properties are fully contracted under 20+ year term power purchase contracts with the Puerto Rico Electric Power Authority (PREPA), the country’s utility.
The transition to sustainable solar resources is essential for Puerto Rico to improve safety, reliability and lower electricity costs. Under Puerto Rico’s law (Act 17), PREPA must achieve a 40% renewable generation goal by 2025 rising to 100% renewable energy by 2050. As of 2021, only 3% of the country’s energy is generated of renewables with the rest of distributed energy powered by higher-cost imported oil, coal, and fracked gas. Solar projects funded by Forbright are helping to advance the island’s energy revolution that will provide for cleaner, more hurricane-resilient and local power generation.
“This financing is another example of the role Forbright is playing in accelerating the transition to a cleaner economy,” said Don Cole, CEO of Forbright Bank. “Supporting ArcLight and its Infinigen solar platform is an important part of Forbright’s mission to fund companies working to decarbonize the economy.”
“Infinigen and ArcLight are pleased to partner with Forbright Bank on this transaction,” said Gavin Danaher, partner at ArcLight. “The Forbright relationship gives us the opportunity to partner with companies that not only contribute to a low carbon future, but have a deep understanding of renewables. Forbright and its syndicate partners provide capital to Infinigen that will allow Infinigen’s platform to develop additional solar projects in Puerto Rico.
Forbright acted as first lien administrative agent, offshore collateral agent and lender and was joined by Generate and Banco Popular as first lien lenders in the transaction.
