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.
This infusion of capital follows a year of rapid scaling for the Connecticut-based company. In early 2025, Budderfly partnered with Gilman Brothers Company, a 128-year-old manufacturer, to install a 750 kW solar array and high-efficiency HVAC systems expected to slash electricity costs by 30%.
The new funding will also bolster Budderfly’s role in grid stability. In June 2025, the company activated a multi-region virtual power plant (VPP), leveraging its network of IoT-connected thermostats and HVAC units across CAISO, ISO-NE, PJM, and SPP territories to provide demand-response services.
The debt facility expansion builds on a $500 million equity backing from Partners Group in 2022. To date, Budderfly has helped customers avoid more than 330,000 metric tons of carbon emissions.
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