Bridge Capital Holdings provided Consolidated Edison Development with term debt financing to restructure and repay construction project financing. The New York-based company bought three solar facilities that will supply power to CPS Energy, San Antonio’s municipally owned utility. CED now owns and operates the Alamo 4 solar facility in Brackettville, the Alamo 3 solar facility in San Antonio and the Alamo 5 solar facility in Uvalde, currently under construction, all located in Texas.
“The financial solution we provided to CED exemplifies the expertise of our team at Bridge Bank,” said Andre Zaffuto, VP in the bank’s Energy and Infrastructure Group. “Whether it’s a $30 million utility-scale, syndicated project or a $7 million portfolio of commercial off-takers, Bridge Bank brings the speed and expertise to finance construction and term loans for renewable energy projects throughout the United States, he added.”
Consolidated Edison Development is part of the Consolidated Edison family of companies and a sister company to the utility that provides electric service in New York City and most of Westchester, Rockland and Orange Counties. CED owns and operates renewable energy projects across the United States and ranked 6th among the top U.S. solar developers in 2014. With a market presence in Arizona, California, Massachusetts, Nebraska, New Jersey, Nevada, Pennsylvania, Rhode Island, South Dakota and Texas totaling over 1.1 gigawatts of renewable energy projects in operation and various stages of construction, they are one of the best-known and most trusted names in renewable energy.