Daily News: July 22, 2019

Credit Suisse Closes $300MM Warehouse Facility with CleanCapital


CleanCapital and funds managed by CarVal Investors have closed on a $300 million debt warehouse facility with Credit Suisse.

Currently the company completed its largest acquisition to date, a 75.2 megawatt solar portfolio made up of 15 operating solar projects in New Jersey. This is the fourth in a series of acquisitions made through CleanCapital’s $250 million investment vehicle with CarVal Investors. CleanCapital now owns and operates 180 MW of renewable energy assets and holds $465 million worth of assets under management.

The solar portfolio, dubbed “Olympic”, was acquired from KDC Solar, a private, non-utility affiliated owner and operator of large-scale C&I solar power generation, is majority owned by Diamond Castle Holdings. Fox Rothschild represented KDC in this deal.

“The debt warehouse facility grants us access to a new type of financing, bolstering our overall capital capacity to acquire distributed solar and energy storage projects,” said Matt Eastwick, chief investment officer at CleanCapital. “This seminal financing takes us a step closer to our long-term vision of securitization, which is key to our mission to drive institutional investment in clean energy.”

Launched in 2015 by co-founders Thomas Byrne, Jon Powers, and Marc Garrett, CleanCapital’s mission is to accelerate investment in renewable energy to address the urgent threat of climate change.

CarVal Investors is a global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies.