September 6 (Renewables Now) - US solar project developer Urban Grid said on Thursday it has secured up to USD 100 million (EUR 90.6m) in senior debt to support the development of over 5 GWp of solar projects the company is engaged in.
The senior secured term loan was extended by New York-based alternative asset manager Crayhill Capital Management LP. In addition to funding the late-stage development phase of the particular projects, the proceeds will also go to cover “the significant capital expenditures” needed before their construction starts.
“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.
The Richmond-based firm states it has developed around 400 MWp of solar projects and now has over 5 GWp of under-development assets. Recently, it sold an over 340-MWp solar portfolio to utility Dominion Energy Inc (NYSE:D) that will generate electricity for social media giant Facebook’s (NASDAQ:FB) new data centre in Virginia.
(USD 1.0 = EUR 0.906)