RICHMOND, Va., Sept. 5, 2019 /PRNewswire/ -- Urban Grid, a leading developer of solar projects throughout the United States, today announced that it has closed a senior secured term loan facility (the "Facility") for up to $100 million with Crayhill Capital Management LP ("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 datacenter 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 monetize our development portfolio," said 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," said 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 U.S. states through sustainable solar energy developments," said 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 U.S. solar developer."
About Urban Grid
Urban Grid is a leading developer of utility-scale solar power plants. Founded in Richmond, Virginia, in 2011, with offices in Virginia, Washington, DC, and Maryland, Urban Grid has completed the development of approximately 400 MWp of solar projects and currently has more than 5 GWp of solar projects under development. Our team has a proven track record of delivering solar energy solutions for corporate, utility, and municipal clients to meet their sustainability and renewable energy goals. www.urbangridco.com
About PP Asset Management
PP Asset Management is family-owned investment company based in London. We specialize in providing early-stage private equity capital financing to sophisticated renewable energy developers. Following a successful launch into subsidized U.K. solar in 2010, we have since backed solar development teams in the Republic of Ireland (JBM Solar), USA (Urban Grid) and into zero-subsidy solar in the U.K. (JBM U.K.). For more information, please contact www.ppassetmanagement.com or e-mail Adam Swarbrick at [email protected].
About Crayhill Capital Management
Crayhill Capital Management LP is a New York-based alternative asset management firm that specializes in asset-based private credit opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets. For more information, please visit www.crayhill.com or email [email protected].
SOURCE Urban Grid