DURHAM, N.C., Aug. 26, 2020 /PRNewswire/ -- Leyline Renewable Capital, a leading provider of pre-construction capital for renewable energy development, has entered into a financing arrangement with Core Solar LLC, a developer of utility-scale, de-risked solar energy projects. Under the terms of the deal, Leyline will provide development-stage capital to support development of 600 MW of utility-scale solar projects representing a portion of Core Solar's pipeline across the United States.
"Projects like these are the backbone of the next-generation clean energy economy and experienced, proven developers like Core Solar can effectively put our capital to work ," said Erik Lensch, CEO of Leyline Renewable Capital. "This investment will enable Core Solar to accelerate its already extensive development pipeline and ensure that these critical projects have the resources they need to move quickly to construction."
Leyline Renewable Capital works closely with developers throughout the renewable energy sector to provide capital for the pre-construction phase of complex, utility-scale projects, including permitting, engineering, site analysis and securing interconnection agreements. This early funding is designed to accelerate and streamline development, increasing the long-term value of these critical projects.
"Core Solar has an established and diverse portfolio of successful solar energy projects across the U.S. and we knew that accelerating growth meant finding a partner who could not only provide capital, but also understood the unique structure and challenges of the renewable energy industry," said Greg Nelson, President and CEO of Core Solar. "Leyline brings a level of experience and sophistication that differentiates them in our space. Erik and his team understand that early-stage development of solar projects must have access to flexible capital as we continue to expand our solar platform."
Core Solar brings an analytical, data-based approach to project development, identifying the markets and sites where utility-scale solar can have the greatest impact and return. This relationship with Leyline complements and enhances that approach, providing the flexible capital needed to move projects forward and catalyze them for future success. For Leyline, this ongoing relationship with Core Solar will grow its portfolio and add to the dozens of solar, anaerobic digestion and energy storage projects it is financing across the United States.
About Leyline Renewable Capital:
Leyline Renewable Capital invests in the development, construction and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gap between development and construction. By investing in the pre-construction phase of renewable energy projects, Leyline is able to accelerate the development process and help developers scale their business. Leyline leverages a broad base of experience in greenfield project development, design, construction, and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation.
About Core Solar LLC:
Core Solar LLC is an experienced solar development company that delivers exceptional quality, de-risked energy projects that outcompete the market. Core Solar is led by a team of proven energy industry executives with a sharp focus on utility-scale solar PV development. With over 4,000 megawatts of projects currently under contract and being developed, Core Solar enables leading energy infrastructure investors, IPPs and utilities to achieve their renewable generation goals.