Palladium Energy, a Jacksonville-based renewable energy company, secured a $66 million loan from Voya Investment Management, the company announced July 7.
The loan will support further development of 300 megawatts in sustainable energy sources in South Carolina, the company wrote in a news release. The development in South Carolina is part of a growing investment into infrastructure across multiple markets.
“This financing marks a significant milestone for Palladium and a strong endorsement of the platform we have built, our team’s execution capabilities, and the high-value, advanced-stage project pipeline we continue to develop,” Danny Weidlich, co-founder and CEO of Palladium, said in the release.
Voya’s investment came through the company’s renewable energy and sustainable infrastructure debt platform.
“We are pleased to support Palladium Energy in advancing a high-quality portfolio of utility-scale solar projects. This transaction reflects our continued commitment to financing renewable energy projects and partnering with experienced developers to accelerate the transition to a more sustainable energy system,” Edward Levin, Voya’s managing director and co-head of direct infrastructure, said in the release.
Founded in Jacksonville in 2019, Palladium builds renewable energy infrastructure by leasing and purchasing private property for development. That energy can be sold back to utility companies through long-term contracts, according to Palladium’s website.
Since its founding, Palladium says it has developed 6,449 MW of power.