First Citizens Bank Provides $145 Million in Financing to Support Linea Energy's Renewable Energy Projects

First Citizens Bank announced its arrangement of $145 million in financing for Linea Energy LLC, which will expand renewable energy projects throughout the United States.

The bank's Energy Finance division led the financing effort, which allowed Linea Energy to expand its range of clean energy infrastructure projects.

Linea Energy, a power producer in San Francisco, California, has been involved in the renewable energy sector since its establishment in 2002.

The company, an EnCap Investments L.P. portfolio entity, is focused on developing, owning, and operating renewable energy projects that support environmental sustainability.

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First Citizens Energy Finance oversees a portfolio that encompasses investments in all assets across the energy sectors.

Cassidy DeLine, Chief Executive Officer of Linea Energy said, “The closing of the credit facility is a significant milestone in Linea's evolution as a renewables developer and independent power producer."

She added, “We appreciated the expertise and industry knowledge of the First Citizens Energy Finance team bringing this financing to a successful conclusion."

Mike Lorusso, the leader of First Citizen Bank’s energy finance business said, "First Citizens is pleased to partner with Linea in this innovative credit facility, which combines features of both corporate and project finance to support Linea's high-quality, diversified project portfolio."

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The financing comprises a revolving credit facility, a letter of credit, and a term loan. It is aimed at supporting the development and expansion of Linea’s diversified project pipeline.

The project’s goal is to increase the adoption of clean energy sources and advance environmental sustainability globally.