NEW YORK--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
LAKEVIEW ENERGY CLOSES A $50 MILLION CAPITAL PARTNERSHIP WITH ORION
Lakeview Energy, LLC. (“Lakeview”) announces the closing of a multi-draw, senior secured debt facility with Orion Energy Partners, L.P. (“Orion”) to fund process upgrades at its existing 55 million gallon per year biorefinery in Coshocton, Ohio (the “Plant”). The capital investment will provide energy savings to Lakeview and support a long-term offtake agreement with an industry leading producer of hand sanitizer and other hygiene products. Under this strategic arrangement, Lakeview will supply the offtaker with low carbon United States Pharmacopeia (“USP”) grade ethyl alcohol for use in its various product lines.
Based in Chicago, Illinois, Lakeview is a private renewable energy company that owns a variety of operating biorefineries in the Midwest US. Lakeview has been operating ethanol and biofuel plants since 2011 and acquired the Plant in Coshocton in 2013. With the infusion of Orion’s flexible capital, Lakeview will restart the Plant and produce higher quality USP grade ethanol, as well as fuel grade ethanol and associated co-products. The Plant’s process upgrade projects will be completed in early-2022.
“Our partnership with Orion provides us with the ability to improve the efficiency of the Plant and support the supply of low carbon, high purity alcohols to our new strategic offtake partner,” said Jim Galvin, Lakeview’s CEO. “We are excited to collaborate with Orion, an industry leader in sustainable infrastructure, and this partnership marks Orion’s confidence in our team, industry experience, and mission.”
“Lakeview has successfully proven its ability to capitalize on a growing market while reducing risk via product diversification, and we are extremely excited to start our capital partnership with the team,” said Chris Leary, Investment Partner at Orion. “We also recognize that society is still grappling with social and economic challenges resulting from the COVID-19 pandemic, and we feel proud to be supporting a business that will bring benefit to the local community in the form of new jobs and positive public health attributes.”
Dorsey & Whitney LLP acted as legal counsel to Lakeview and Greenberg Traurig, LLP acted as legal counsel to Orion.
About Lakeview Energy
Lakeview Energy is a renewable energy company based in Chicago with investments in biofuels, agribusiness, and wind energy. For more information, please visit www.lakeviewenergyllc.com.
About Orion Energy Partners
Based in New York and Houston, Orion is a leading private credit and equity capital partner supporting middle market infrastructure and related companies focused on energy transition and environmental innovation, with firmwide assets under management of more than $2.5 billion. We provide a range of creative financing solutions as an alternative to equity investment and traditional loans. Our target investment sectors include energy efficiency, digital infrastructure, sustainable power generation, renewable fuels, waste & recycling, water, transportation and midstream. Orion manages long-term, committed capital across multiple investment funds, allowing Orion’s team to forge transformational relationships across a diverse group of companies and to be patient and supportive as these organizations execute on their business plans. For more information, please visit www.OrionEnergyPartners.com.