Urban Grid Closes $275M Debt Refinance Provided By Crayhill Capital Management
Expansion of the Company's Credit lines Facilitates Growth and Enables Efficient Deployment Capital in US solar sector
RICHMOND, Va., Oct. 12, 2021 /PRNewswire/ -- Urban Grid, one of the largest U.S. greenfield renewable energy project developers, announced today that it has expanded and extended its partnership with Crayhill Capital Management, a New York-based, minority-owned private credit manager focused on asset-based investments in the renewable energy sector.
The financing provides Urban Grid with $275M of flexible, efficient capital that will be deployed to advance projects into the construction phase and continue the scale up of Urban Grid's solar and energy storage platform.
"Since 2019, our partnership with Crayhill Capital Management has enabled the growth and supported select project monetizations of our solar PV and energy storage pipeline," said Frank DePew, Urban Grid Founder & CEO. "Access to this highly flexible capital enables our team to take projects through final development and into operations, across multiple regions, benefiting the surrounding clean power economy while enhancing the value of our entire platform."
Today, the Urban Grid project pipeline includes 12.7 GWDC of PV and 3.7 GWAC of co-located and stand-alone energy storage.
"Crayhill is excited to continue its partnership with the Urban Grid team and support the growth and development of its business," said Josh Eaton, Managing Partner of Crayhill Capital. "The demand for high-quality solar projects continues to be robust and Urban Grid is positioned to extend its leadership role in U.S. utility-scale solar and storage development. We continue to be enthusiastic about leveraging our expertise in greenfield solar project financing to aid in the global energy transition."
In the past 2+ years, Urban Grid has efficiently expanded its team to over 60 people, deepening its in-house development, engineering and project origination expertise and built proprietary technology across the platform. The continuation of the Urban Grid and Crayhill partnership is significant and reinforces the firm's capabilities – to efficiently and profitably deploy capital – as it readies to deploy at least 8 GW of clean power over the next five years.
About Urban Grid
Urban Grid is a utility scale renewable energy project developer, with over a decade of expertise in taking solar and energy storage projects through the full development process, from site acquisition through interconnection, permitting, offtake execution and project exit. Headquartered in Richmond, Virginia–with teams located strategically throughout the United States–Urban Grid has provided utilities and corporate clients with reliable clean energy. We are actively developing a growing portfolio of over 12.7 GWDC solar PV and 3.7GWAC of co-located / stand-alone energy storage, throughout 12 states in support of America's transition to clean, sustainable power. To learn more, please visit UrbanGridSolar.com.
About Crayhill Capital Management
Crayhill Capital Management is a New York-based, minority-owned alternative asset management firm that specializes in asset-based investment 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 https://crayhill.com or email [email protected].
SOURCE Urban Grid
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