Urban Grid, a developer of solar projects throughout the United States, has closed a senior secured term loan facility for up to USD100 million with Crayhill Capital Management (Crayhill), a New York-based private credit manager and asset-based lender.
The Facility is backed by and will finance the late-stage development of more than 5 GWp of utility-scale solar projects under development by Urban Grid. The Facility is designed to finance the significant capital expenditures required by projects prior to construction. Urban Grid has a successful track record of delivering quality solar projects, including two recent projects purchased by Dominion Energy that provide over 340 MWp of renewable power to a new datacentre in Virginia operated by Facebook.
“The capital solution provided by Crayhill, coupled with their deep experience in utility-scale solar development and financing, will allow us to expand, build and monetise our development portfolio,” says Frank Depew, CEO of Urban Grid. “This facility allows our growing team of solar development experts to focus exclusively on delivering high-quality solar projects to our institutional clients.”
“Crayhill is excited to partner with Urban Grid’s experienced team to finance its development portfolio and fuel the next evolution of its growth strategy,” says Josh Eaton, Managing Partner of Crayhill Capital. “Strong demand for solar assets from institutional investors, along with government tax incentives scheduled to be phased out over the next few years, create a favorable environment to provide bridge capital solutions for entire solar development portfolios. Crayhill’s expertise in providing asset-based capital solutions, combined with our extensive experience in solar project financing, is well suited to help Urban Grid successfully scale its business.”
“Raising significant capital from Crayhill further validates Urban Grid’s vision of powering US states through sustainable solar energy developments,” says Mark Jones, CEO for PP Asset Management, a significant investor in Urban Grid. “It enables scaling of our development platform from PJM centric states into new service territories. Following a successful relationship with the Crayhill team in the UK, we are excited these prestigious investors believe in Urban Grid’s credentials, capability and our collective commitment to be the leading US solar developer.”
