Crayhill Capital Management, a New York-based private credit manager and asset-based lender, provided a senior secured revolving loan facility for up to $50 million for Sunpin Solar, a California-based developer of commercial and utility-scale solar and energy storage projects.
The facility is designed to finance capital expenditures required by projects prior to construction, including power purchase agreement deposits, interconnection deposits and engineering, procurement and construction deposits.
“The capital solution provided by Crayhill will allow us to build and monetize our existing development pipeline and accelerate our growth,” XJ Chen, vice president of development at Sunpin Solar, said. “We appreciate the trust the Crayhill team has placed in us and look forward to building a successful partnership to deliver reliable green energy and reduce global carbon emissions.”
“Crayhill is excited to partner with Sunpin Solar and support their financing needs as they focus on scaling their business of developing and delivering high-quality solar power projects into the deep and expanding clean energy markets,” Josh Eaton, managing partner of Crayhill Capital Management, said. “Despite the challenges created by the ongoing pandemic, demand for solar assets and green power remains strong. Sunpin Solar’s management team has deep experience, technical expertise and industry relationships that will enable them to successfully build on their position as a leading utility-scale solar developer.”
