BEDMINSTER, N.J., Nov. 25, 2015 /PRNewswire/ -- KDC Solar LLC ("KDC Solar"), headquartered in Bedminster, New Jersey, closed a debt investment with Highbridge Principal Strategies, LLC. The $100 million investment refinanced a construction facility KDC Solar had established with the Prudential Capital Group, a division of Prudential Financial Inc., for a portion of KDC Solar's 50 MW portfolio of operating projects as well as provides capital to construct additional solar projects in New Jersey which are "shovel ready."
"The completion of this investment further strengthens our ability to support our portfolio of operating solar projects as well as to build additional solar projects in 2016. We appreciate Highbridge Principal Strategies's confidence in KDC Solar's team and our ability to build, own and operate solar projects that provide lower cost clean electricity," said Hal Kamine, KDC's CEO. "Coupled with our equity support from Diamond Castle, we're further poised to execute upon our plan to construct additional "behind-the-meter" solar power systems for businesses, governments and institutions, which creates and preserves long-term jobs for New Jersey."
KDC Solar LLC was represented by McCarter & English, LLP and Highbridge Principal Strategies, LLC was represented by Schulte Roth & Zabel LLP.
KDC Solar LLC
KDC Solar is supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more than $1.8 billion of committed capital under management. Headquartered in Bedminster, N.J., KDC Solar is committed to using clean solar energy to provide economic stimulus and jobs through long term discounted electric rates. KDC Solar currently operates 50 megawatts of "net-metered" solar facilities at 11 different locations and is permitting and developing 65 megawatts of "net metered" solar projects. For more information, visit www.kdcsolar.com.
KDC Solar LLC:
Alan M. Epstein, President and COO
SOURCE KDC Solar LLC