pv magazine: Budderfly Raises $550 Million to Scale Its Energy-as-a-Service Platform

March 26, 2026 — pv magazine covers Budderfly's expanded $550 million debt facility, led by Global Infrastructure Partners (GIP), a part of BlackRock, with participation from existing lender Vantage Infrastructure. 

"Energy-as-a-Service (EaaS) provider Budderfly expanded its debt facility to $550 million to support the continued growth of its energy management platform. The facility includes a $250 million upsizing led by Global Infrastructure Partners (GIP), a part of BlackRock, with participation from existing lender Vantage Infrastructure.

The expansion includes an additional $100 million accordion feature. Unlike traditional energy consulting, Budderfly’s EaaS model involves providing 100% of the upfront capital for equipment upgrades including solar PV, HVAC systems, LED lighting, and smart controls. The company manages these assets to guarantee energy savings for the customer.

“Global Infrastructure Partners’ commitment is critical to scaling a capital-intensive business like Budderfly,” said Al Subbloie, CEO of Budderfly. “This expansion of our debt facility strengthens our ability to own the upfront investment, manage performance over time, and deliver measurable energy and cost-saving outcomes for our customers.”

The U.S. mid-market, including restaurants, retail, and small-scale manufacturing, accounts for an estimated $55 billion in annual electricity spend. Budderfly currently manages over 7,500 customer sites and aims to eliminate the friction of the energy transition for these businesses by removing the requirement for upfront capital."

Read the full article here.