Crayhill Capital Lends To Urban Grid
New York-based private credit manager Crayhill Capital has closed on a $100mn senior secured term loan facility with Urban Grid, a U.S based developer of solar projects.
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.
"Crayhill is excited to partner with Urban Grid's experienced team to finance its development portfolio and fuel the next evolution of its growth strategy," said Josh Eaton, Managing Partner of Crayhill Capital. "Strong demand for solar assets from institutional investors, along with government tax incentives scheduled to be phased out over the next few years, create a favorable environment to provide bridge capital solutions for entire solar development portfolios. Crayhill's expertise in providing asset-based capital solutions, combined with our extensive experience in solar project financing, is well suited to help Urban Grid successfully scale its business."