LONDON, Oct. 19, 2023 /PRNewswire/ — PEI Global Partners (“PEI”) is delighted to announce that it has been honored with the esteemed ‘ESG Finance Innovation’ award from IJGlobal in North America. This recognition is attributed to our role as the exclusive financial advisor in arranging a five-year, $550 million credit facility (“Project Galaxy”) for Hecate Energy. The IJGlobal ESG awards are bestowed upon organizations showcasing exemplary environmental, social, and corporate governance credentials in particular projects, as well as holistic environmental and sustainable policies.
PEI structured this first-of-a-kind financing in the commercial bank market for a pure play renewables developer. The Project Galaxy financing was collateralized solely by its renewable development projects without any guarantees or other credit support. This facility will enhance Hecate’s ability to monetize 5+ GW of solar, battery storage and wind development projects annually, by providing a low-cost term loan and Letters of Credit (LC) for interconnection, offtake and other project requirements. PEI demonstrated unparalleled expertise in structuring the financing and advising on the syndication to a group of more than ten lenders in the primary syndication process at highly competitive rates.
Beyond its innovative financing structure, this groundbreaking transaction makes a tremendous ESG impact by furthering decarbonization of the electric grid, and by supporting the economic development of local communities. By aligning with long-term sustainability goals and fostering the transition to cleaner energy sources, the Project Galaxy financing sets a precedent for responsible and transformative financings in the renewable energy sector.
“At PEI, we endeavor to meet the complex financing needs of our developer clients,” said Kevin Phillips, Managing Partner of PEI. “We are honored to receive this award in recognition of the important role that our team has played in securing a groundbreaking financing that enables our visionary client Hecate Energy to meet its renewable development goals.”
“PEI Global Partners’ ingenuity and drive to deliver inventive financial solutions has been critical to Hecate Energy’s continued success in deploying one of the largest pipelines of solar and energy storage assets in North America,” said Chris Bullinger, CEO of Hecate Energy. “We expect the precedent established by the structure of this facility will contribute significantly to accelerating the global transition to sustainable energy.”
About PEI Global Partners
PEI Global Partners Holdings LLC (“PEI”) is an independent, closely held investment bank specializing in the power, energy and infrastructure sectors, with offices in New York City and Tampa. PEI advises financial sponsors, developers and corporate clients on mergers and acquisitions, divestitures, financings, private placements and other strategic transactions. In 2022, PEI closed twelve transactions and raised over $4 billion for owners and developers of renewable and thermal power. PEI conducts securities transactions through its wholly-owned broker-dealer subsidiary PEI Global Partners LLC, which is regulated by the Financial Industry Regulatory Authority (“FINRA”), the Securities and Exchange Commission (“SEC”), the New York State Department of Financial Services and the Florida Office of Financial Regulation. For more information on PEI, please visit www.peigp.com.
About Hecate Energy
Headquartered in Chicago, Hecate Energy is a top-ten developer of solar and wind generation facilities and energy storage solutions in North America. Founded in 2012 by a team of energy industry veterans with 20 years of collaboration, Hecate Energy is one of the largest stand-alone renewable energy developers in the United States today. Currently, the company has a pipeline of over 45 GW, with over 125 projects in 32 states. Over the last eight years, Hecate Energy has executed more than 36 power project transactions, totaling more than 6,500 MW of capacity.
Steven C. Sullivan
SOURCE PEI Global Partners