Nuveen, CDPQ Lend $650 Million to Pre-IPO Energy Tech Redaptive

Redaptive Inc., which funds and installs energy-efficiency equipment, secured a $650 million private credit facility from institutional investors Nuveen and Caisse de Depot et Placement du Quebec, according to a statement on Thursday.

The facility is due in 2029 and is comprised of three tranches, each segmented by use of proceeds: $200 million for construction, $300 million for operating assets and $150 million for first-lien corporate debt refinancing, according to a person familiar with the matter.

The deal represents one of several major capital raises Redaptive has pursued since scrapping plans for an initial public offering in 2021. ...