Urban Grid, a U.S. greenfield renewable energy project developer, 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 expanded partnership resulted in $275 million in financing for Urban Grid, which the company will use to advance projects into the construction phase and continue the scale up of its 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,” Frank DePew, founder and CEO of Urban Grid, said. “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 standalone energy storage.
“Crayhill is excited to continue its partnership with the Urban Grid team and support the growth and development of its business,” Josh Eaton, managing partner of Crayhill Capital Management, said. “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.”
