Cubico Sustainable Investments has completed the refinancing of its corporate facility, raising commitments from banks and financial institutions totalling $700m (€636m).
The new financing is composed of a $300m revolving facility and a $400m letter of credit facility.
Both have additional accordions of $200m, 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 Societe Generale, with National Australia Bank acting as facility agent and security agent.
The money is up from the previous financing of $300m in 2017, which increased to $400m in 2018.
Cubico chief financial officer Matt Donaldson 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.”