Solar panels. Author: Oregon Department of Transportation. License: Creative Commons. Attribution 2.0 Generic
New Jersey-based KDC Solar LLC has secured a USD-100-million (EUR 94m) debt investment from Highbridge Principal Strategies LLC.
The solar company said on Wednesday that the deal would provide capital to build additional projects in New Jersey that are "shovel-ready." The investment also refinanced a construction loan from a unit of Prudential Financial Inc for a portion of KDC Solar's 50-MW operating portfolio, which consists of "net-metered" solar systems at 11 locations.
The company is also supported by an equity commitment of USD 225 million from New York-based private equity fund Diamond Castle Holdings. It says it is permitting and developing 65 MW of projects.
"Coupled with our equity support from Diamond Castle, we're further poised to execute upon our plan to construct additional 'behind-the-meter' solar power systems for businesses, governments and institutions, which creates and preserves long-term jobs for New Jersey," said chief executive Hal Kamine.