Urban Grid closed a senior secured term loan facility for up to $100 million with Crayhill Capital Management, a New York-based private credit manager and asset-based lender.
The facility is backed by and will finance the late-stage development of more than 5 GWp of utility-scale solar projects under development by Urban Grid. The facility is designed to finance the significant capital expenditures required by projects prior to construction. Urban Grid has a successful track record of delivering quality solar projects, including two recent projects purchased by Dominion Energy that provide over 340 MWp of renewable power to a new datacenter in Virginia operated by Facebook.
“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.
“Raising significant capital from Crayhill further validates Urban Grid’s vision of powering U.S. states through sustainable solar energy developments,” said Mark Jones, CEO for PP Asset Management, a significant investor in Urban Grid.
Urban Grid is a ldeveloper of utility-scale solar power plants.
PP Asset Management is family-owned investment company based in London.
