STAMFORD, CT / CLEVELAND, OH – September 9, 2024 — Independent Power Producer Solutions (IPP Solutions), a division of Aggreko, a global leader in energy solutions, today announced the successful closing of a $66 million term loan financing for a 88.5-megawatt (MWdc) diversified portfolio of C&I and community solar assets.
The solar portfolio is located across New York, Texas, and California and serves a mix of customers spanning utilities, corporates, and low- and moderate-income consumers. The financing provides a distribution to IPP Solutions for its acquisition and construction costs and is structured as a delayed-draw term loan to align with project completion milestones.
KeyBanc Capital Markets led the transaction and served as the administrative agent.
Jerry Polacek, President of IPP Solutions, commented, "We are thrilled to be building upon our long-term relationship with KeyBank to fuel the growth of our C&I and community solar portfolios for our customers. Through this transaction, we’re able to demonstrate the value creation of the projects that we’re bringing online and reinvest funds into the next wave of solar and battery storage assets under development.”
Andy Redinger, Head of KeyBanc Capital Markets Utilities Power and Renewable Group remarked, “We are excited to lead IPP Solutions solar portfolio financing and look forward to our continued support of these projects for many years to come."
About IPP Solutions
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the consumer & retail, diversified industries, healthcare, industrial, oil & gas, real estate, utilities, power & renewables, and technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $50 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 500 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.