First Citizens Bank Provides $60 Million to Triple Oak Power
September 3, 2025
Source: First Citizens Bank
NEW YORK — September 3, 2025 — First Citizens Bank and Triple Oak Power today announced that First Citizens’ Energy Finance business provided a $60 million credit facility to Triple Oak Power, a U.S.-based renewable energy developer focused on developing sustainable energy plants.
Triple Oak Power – backed by Energy Capital Partners, a leading investor in energy transition companies – has an 8-gigawatt pipeline of utility-scale onshore wind and hybrid projects currently under development in the U.S.
This new credit facility will be used to provide interconnection security postings for the development of renewable project assets. First Citizens Energy Finance served as coordinating lead arranger, administrative agent, and collateral agent for the transaction.
“First Citizens has a deep understanding of the renewable energy sector and the financing tools needed to bring large-scale projects to market,” said Kenneth Labeja, co-founder and Chief Financial Officer of Triple Oak Power. “Triple Oak has a hybrid portfolio that includes wind, solar, battery storage and natural gas projects. This financing was an important step in advancing our onshore wind portfolio, which is the cornerstone of our hybrid approach to project development.”
“We are pleased to support Triple Oak Power in advancing critical wind energy projects that will contribute to a cleaner energy future,” said Mike Lorusso, group head of Energy Finance at First Citizens Bank. “This transaction underscores our commitment to supporting clients who are driving innovation and sustainability in the energy sector and to helping advance their long-term goals.”
First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
About Triple Oak Power
Triple Oak Power’s mission is to develop sustainable energy plants. Founded in 2020, the U.S.-based clean power business brings a fresh approach to a proven playbook. With decades of energy development and power market experience among its leadership and team, Triple Oak develops wind power plus solar, battery storage and other clean energy technologies. The company’s 8 GW domestic project pipeline spans 15 states with employees nationwide. Driven by core values of transparency, experience and diversity, Triple Oak Power is committed to building a cleaner, affordable and more reliable power system for customers while making a positive impact in communities. With Energy Capital Partners (ECP) as its financial partner, a leading energy investor, Triple Oak Power is growing its portfolio and impact nationally to meet rising demand for sustainable American energy supply. Learn more at www.tripleoakpower.com.
MEDIA RELATIONS:
Ella Bristow
(212) 461-5322
Ella.bristow@firstcitizens.com
Erin Greeson
(503) 913-8978
erin.greeson@tripleoakpower.com
