Hudson Clean Energy agrees USD-90m credit line

Sep 15, 2014 - US investor Hudson Clean Energy said today it has obtained a credit line of USD 90 million (EUR 70m) to support three of its portfolio companies -- Silicor Materials Inc, SoloPower Systems Inc and Element Power Holdings LP.

The follow-on financing has been underwritten by an existing limited partner, the name of which was not mentioned.

Private equity and infrastructure firm Hudson explained that the money it will inject into Silicor Materials will back its efforts to reach financial close on its first large-scale silicon factory in Iceland. In July, the solar silicon maker said it has chosen a site at the port of Grundartangi for the plant.

SoloPower Systems, on the other hand, will use the funds to strengthen operations at its manufacturing facility in Portland, Oregon. The company, which makes copper indium gallium (di)selenide (CIGS) thin-film modules, is the successor of troubled firm SoloPower Inc.

Last but not least, Hudson will help Element Power expand on the northern European energy market. The portfolio company buys, builds and owns wind and solar power plants globally.

Hudson Clean Energy invests exclusively in renewable power, mainly in high-growth, capital-intensive segments of the value chain with minimal technology development risk.

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