Canary Media: A Novel Way To Improve Energy Efficiency- Take Over the Utility Bill
January 23, 2024 – Canary Media shared an article spotlighting Budderfly’s $400 Million Debt Facility from Vantage Infrastructure and Nuveen and Budderfly’s innovative business model.
“On Tuesday, Budderfly announced a $400 million debt facility originated by Vantage Infrastructure and co-led by the Energy Infrastructure Credit team at Nuveen aimed at scaling up this approach. The funding adds to a $500 million commitment from Partners Group, the Swiss private equity firm that bought a majority stake in Budderfly in November 2022.
So far, Budderfly has been able to reduce the utility costs for the restaurants, retail stores, fitness centers and other customers it serves by an average of 30 to 35 percent, Subbloie said. The company bills its customers for energy at a 5 percent discount to their utility bills to provide them immediate savings, covers its own payback costs with the next 15 percent or so of savings, and earns its revenue from additional savings up to about 30 percent, he said. And it splits any savings beyond that with the customer.”