FRAMINGHAM, Mass.–(BUSINESS WIRE)–Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it has successfully secured a $100M second lien debt financing with Nuveen Energy Infrastructure Credit. This strategic financial move underscores Ameresco’s commitment to grow its business and provides balance sheet stability on attractive terms.
“We’re thrilled to be working with Nuveen, who have proven in short order to be a flexible and creative financing partner,” said Doran Hole, Chief Financial Officer at Ameresco. “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.”
“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.
“We extend our gratitude to our Senior Secured Lenders for their cooperation and to Nuveen for their approval and closure of this transaction, as formalized through the 6th Amendment to our Senior Secured Credit Facility,” continued Mr. Hole.
The full second lien agreement and the 6th amendment to the company’s Senior Secured Credit Facility were filed with the SEC on Form 8-K on July 1, 2024.
Oppenheimer & Co acted as the Lead Arranger for the transaction.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes solutions that help customers reduce costs, decarbonize to net zero, and build energy resiliency while leveraging smart, connected technologies. From implementing energy efficiency and infrastructure upgrades to developing, constructing, and operating distributed energy resources – we are a trusted sustainability partner. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.
