New Era Energy units secure $116 million standby letter of credit from Macquarie Bank for Luminant PPA obligations
NUAI•New Era Energy & Digital subsidiaries PowerCo and TCDC signed a reimbursement agreement with Macquarie Bank, which issued a $116 million standby letter of credit backing PowerCo’s obligations under its power purchase agreement with Luminant. The facility carries 12% annual interest on draws and is secured by cash collateral initially set at about $118.3 million.
1. Credit facility terms
PowerCo and TCDC signed the agreement on Oct. 7, 2026. PowerCo must reimburse any amount drawn, with 12% annual interest, while TCDC provides an unconditional guarantee with joint and several liability. Cash collateral is set at 102% of the undrawn amount and initially totals about $118.3 million, including $60 million from term loans. Macquarie Equipment Capital received warrants for 413,055 shares at an exercise price of about $7.26; fees include a 1% upfront charge.
