Energix Completes Another U.S. Financing Deal with Santander

Energix Renewables, a global renewable energy leader, recently announced the successful closing of another project financing transaction on August 7 with Santander Corporate & Investment Banking (“Santander CIB”) in connection with its first U.S. portfolio, which includes Energix’s nine (9) preexisting solar projects in Virginia. 

Santander has committed $75.9 million to finance Energix’s operational expenses and help reinforce the company’s commitment to develop and deliver clean, reliable, and affordable energy. The financing will ultimately be repaid through cash flows coming from the nine operational solar projects in Virginia. 

“As a company, we are excited to further strengthen our partnership with Santander. This deal further reinforces Energix’s position as a leading independent power producer in the Commonwealth of Virginia,” said Itamar Sarussi , country manager, Energix US. 

Entering another financial partnership with Santander CIB allows Energix to support US domestic energy independence and increase its investment in American energy infrastructure. The projects funded by this transaction provide 224MWdc of domestically produced power to local grids and adds a significant boost to the local economies through increased tax revenues and the creation of hundreds of well-paying construction jobs.  

The latest transaction marks the second financing deal Energix has closed with Santander CIB in the United States. The prior deal, in conjunction with Morgan Stanley, closed earlier this summer and was associated with six projects under development in Virginia and Pennsylvania totaling approximately 416MWdc. 

Santander CIB has a strong focus on environmental and social responsibility, and this new partnership expands Santander CIB’s portfolio of environmentally conscious investments. Energix is also working with Santander CIB in Poland. By expanding the partnership to the U.S., Energix and Santander CIB are fostering international collaboration and accelerating the adoption of renewable energy technologies across the globe.  

“The expansion of our partnership with Santander to an additional portfolio of projects creates opportunities for Energix to improve and expand operations throughout the Mid-Atlantic,” said Itamar Sarussi, country manager, Energix US. “We are appreciative of the confidence that Santander has placed in Energix to provide this additional financing and help move our business forward. Utility-scale solar projects provide communities reliable access to affordable renewable energy production.” 

Energix Renewables entered the US market in 2016 and quickly became one of the leading utility-scale solar developers in the Mid-Atlantic region. Energix is eager to use the funds secured through the financing deal to continue building community partners, hiring local contractors, and investing in American-made equipment. By forging partnerships with these respected financial institutions, such as Santander, Energix can expand its footprint across the Mid-Atlantic and grow the solar workforce in the localities surrounding our projects.   

Today Energix Renewables owns, operates, and maintains nine facilities with a capacity of 224 MWdc across the Mid-Atlantic. With the additional investment from Santander CIB, Energix is projected to have 640 MWdc of operational projects by the end of 2023.