Fundamental Renewables picks up $400m credit facility

Delaware Life Insurance arranged the facility and is a lead lender.

  • Other lenders include Caisse de dépôt et placement du Québec and East West Bank
  • Fundamental Renewables is the clean energy investment arm of Fundamental Advisors
  • Since commencing its renewable energy strategy in 2015, Fundamental has closed on over $5 billion of renewable energy development and construction loans

Fundamental Renewables, a provider of financing for solar and other renewable energy projects, has secured a $400 million credit facility. Delaware Life Insurance arranged the facility and is a lead lender. Other lenders include CDPQ American Fixed Income V Inc., a wholly-owned subsidiary of Caisse de dépôt et placement du Québec, and East West Bank. Fundamental Renewables is the clean energy investment arm of Fundamental Advisors.

The facility provides Fundamental Renewables with additional resources to support long-term growth and build on the momentum across the business as it continues to invest in premier renewable and clean energy assets and provide flexible financing solutions to leading clean energy developers.

“We are pleased to build on our longstanding relationships with our institutional financing partners to create new partnerships that will allow us to invest more in solar energy assets, while supporting the businesses that are spearheading the energy transition to a lower carbon economy,” said Ryan Keane, a managing director at Fundamental, in a statement. “This financing will help provide creative and flexible capital solutions as we continue to differentiate our platform as the partner of choice for innovative, industry-leading renewable energy developers across the country.”

Since commencing its renewable energy strategy in 2015, Fundamental has closed on over $5 billion of renewable energy development and construction loans.

Fundamental is focused on municipal, public purpose and community assets. Founded in 2007, the firm is focused on targeting control-oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose or community assets, and acquiring undervalued securities in the secondary market.

Founded in 2013, Delaware Life is an affiliate of Group 1001 Insurance Holdings LLC and currently provides over 315,000 active annuity and life insurance policies. It had assets under management of $57.5 billion as of June 30, 2022.

As at June 30, 2022, Montreal-based CDPQ’s net assets totaled C$392 billion.

East West Bank is the largest independent bank headquartered in Southern California.