PureSky refinances community solar, battery storage portfolio

PureSky Energy said it has completed a $183.7 million refinancing of its operating community solar and storage portfolio, consolidating eight existing debt portfolios into a single financing structure.

The Denver-based company described the refinancing as receiving an investment-grade rating, but it did not name the rating agency involved.

The refinancing closed alongside a $62 million upsizing of PureSky’s corporate credit facility, arranged by Nomura. PureSky said the refinancing enabled the repayment of certain legacy holding company indebtedness. Marathon Capital served as exclusive financial adviser to PureSky on the transaction. Institutional investors participating in the refinancing include PGIM, AB CarVal and Denham Capital, according to the company.

“Completing these transactions is a defining moment for PureSky’s capital strategy,” said Rami Khadra, chief financial officer of PureSky Energy. “The expanded credit facility provides us with increased financial flexibility to support our growing development and construction portfolio while maintaining a disciplined and streamlined capital structure.”

Vinod Mukani, global head of Nomura’s Infrastructure & Power Business, said the financing reflects the bank’s “commitment to providing bespoke capital to leading infrastructure businesses.” Hua Ding, managing director at Nomura’s Infrastructure & Power Business, said the transaction reflects a “disciplined approach for high-quality infrastructure platforms that combines strong operating fundamentals with compelling long-term growth opportunities.”

The refinanced portfolio spans 43 operating solar and storage assets across Massachusetts, New York and Minnesota, totaling roughly 211 MW (DC) of solar generation capacity and 58 MWh of battery storage. PureSky said the transaction removes the need to refinance the portfolio for the next decade.

PureSky is a developer, owner and operator of community solar, commercial and industrial solar, and energy storage assets in the United States. The company entered the US market in 2016 and said it currently has roughly 300 MW of generation capacity operating or under construction across 63 sites.