Blackstone-Backed Solar Firm Taps Private Credit to Fund Payout

A Blackstone Inc.-backed solar firm is tapping private credit lenders for a €600 million ($662 million) loan to help fund a shareholder payout.

Apollo Global Management Inc., JPMorgan Chase & Co., PSP Investments, as well as Blackstone’s own credit unit are among the lenders providing the debt package, according to people familiar with the matter, who asked not to be identified because the deal is private.

The loan to Netherlands-based Esdec is being partly used to fund a dividend. This is a somewhat rare use of proceeds in the $1.5 trillion world of private credit, which ...