Cubico Sustainable Investments (Cubico), one of the world’s largest privately-owned renewable energy companies, has completed the refinancing of its corporate facility.

There was strong market interest for the refinancing of the facility. The new debt arrangements, which were oversubscribed, raised commitments from banks and financial institutions totalling USD 700 million.

This is up from the previous financing of USD 300 million in 2017, which increased to USD 400 million in 2018.

The new financing is composed of a USD 300 million revolving facility and a USD 400 million letter of credit facility, both with additional accordions of USD 200 million, an initial term of three years and two one-year extension options.

The capital raised will be used to refinance the existing revolving facility, issue letters of credit and finance Cubico’s growth.

The participating lenders in the new facility are BNP Paribas, CIBC, Credit Agricole, Export Development Canada, HSBC, ING, National Australia Bank, Scotiabank and Société Générale, with National Australia Bank acting as facility agent and security agent.

Matt Donaldson, Chief Financial Officer at Cubico, said: “We are delighted to have completed this refinancing following an overwhelming response from our key relationship banks around the world.

“This milestone transaction highlights the attractiveness of the group, our green credentials and proven track record as we position ourselves to make sizeable acquisitions and achieve the planned growth of our development portfolio.”