Bridgelink locks USD 200m in debt to fund solar growth
Solar power station. Featured Image: worradirek/Shutterstock.com
Texas-based renewables developer and operator Bridgelink Power has obtained a revolving credit facility of up to USD 200 million (EUR 183.5m) to back its late-stage solar project development portfolio and acquire new assets.
The senior secured debt was extended by private credit manager Crayhill Capital Management LP, Bridgelink said on Tuesday.
The fresh capital will support capital expenditures for utility-scale projects before they enter construction such as paying deposits related to equipment procurement. Furthermore, Bridgelink will use some of the proceeds to acquire pre-construction projects and bring them to commercial operation.
"We appreciate Crayhill's flexibility and creativity to structure a partnership that will accelerate our pipeline's growth across the US [..]," said Eric Solomon, Bridgelink's Chief Investment Officer.
Bridgelink has more than 10 GWp of solar, storage and hybrid solar-storage projects in development across the Electric Reliability Council of Texas (ERCOT), PJM Interconnection (PJM) and Midcontinent Independent System Operator (MISO) market areas. Included in the portfolio are 1,000 MWh of standalone battery storage schemes, the company noted.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.