Category: News

Urban Grid Closes $100 Million Senior Secured Term Loan Facility Provided by Crayhill Capital Management

Richmond, VA, September 5, 2019 – Urban Grid, a leading developer of solar projects throughout the United States, today announced that it has closed a senior secured term loan facility (the “Facility”) for up to $100 million with Crayhill Capital Management LP (“Crayhill”), 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. “This facility allows our growing team of solar development experts to focus exclusively on delivering high-quality solar projects to our institutional clients.”

“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.”

“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. “It enables scaling of our development platform from PJM centric states into new service territories. Following a successful relationship with the Crayhill team in the UK, we are excited these prestigious investors believe in Urban Grid’s credentials, capability and our collective commitment to be the leading U.S. solar developer.”

About Urban Grid

Urban Grid is a leading developer of utility-scale solar power plants. Founded in Richmond, Virginia, in 2011, with offices in Virginia, Washington, DC, and Maryland, Urban Grid has completed the development of approximately 400 MWp of solar projects and currently has more than 5 GWp of solar projects under development. Our team has a proven track record of delivering solar energy solutions for corporate, utility, and municipal clients to meet their sustainability and renewable energy goals. www.urbangridco.com

About PP Asset Management

PP Asset Management is family-owned investment company based in London. We specialize in providing early-stage private equity capital financing to sophisticated renewable energy developers. Following a successful launch into subsidized U.K. solar in 2010, we have since backed solar development teams in the Republic of Ireland (JBM Solar), USA (Urban Grid) and into zero-subsidy solar in the U.K. (JBM U.K.). For more information, please contact www.ppassetmanagement.com or e-mail Adam Swarbrick at [email protected].
About Crayhill Capital Management

Crayhill Capital Management LP is a New York-based alternative asset management firm that specializes in asset-based private credit opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets. For more information, please visit www.crayhill.com or email [email protected].

Crayhill Capital Management Media Contact:
Zach Kouwe – Dukas Linden Public Relations
646-808-3665
[email protected]

Urban Grid Media Contact:
Leah Garvey
866-256-0912
[email protected]

Urban Grid announces NextEnergy Capital’s acquisition of approximately 46MWp of solar projects in Virginia

RICHMOND, Va., April 25, 2019 /PRNewswire/ — Urban Grid, a leading developer of solar projects throughout the United States, is pleased to announce that NextEnergy Capital through their fund NextPower III, has acquired two of our solar development projects, totaling approximately 46MWp/34MWac, in Henrico County and Westmoreland County, VA.

The two solar projects, Briel Farm Solar (28MWp/20MWac) and Gardy’s Mill Solar (18MWp/14MWac), will cover approximately 300 acres and generate electricity equivalent to the consumption of 9,785 homes.

These two projects represent NextEnergy Capital’s first utility-scale solar venture in the United States for their new fund, NextPower III.

The estimated $40m construction cost of the two projects will generate over 120 jobs. Construction will commence immediately with the projects expected to reach commercial operation by March 2020. The solar projects will provide direct and indirect economic benefits to the Commonwealth of Virginia of approximately $21m and will offset approximately 123,706,737 pounds of CO₂ annually.

Frank DePew, President of Urban Grid commented “Urban Grid is excited to announce the acquisitions of these two projects by NextEnergy. Our team members successfully partnered previously with NextEnergy on several solar projects in the UK and we are pleased to continue that relationship with the sale of Briel Farm Solar and Gardy’s Mill Solar, facilitating NextEnergy’s expansion into the US market. Urban Grid looks forward to continuing to bring exceptional development projects and economic benefits to the Commonwealth of Virginia. We are grateful to the many individuals that made these projects possible, especially those at Henrico County and Westmoreland County for their support and cooperation throughout the development process.”

Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Capital highlighted “We are very pleased to announce NextPower III’s first investments in the US solar market, where we expect to grow significantly in short order. We are also looking forward to strengthening the partnership with Urban Grid and developing our relationships within the local communities and institutions. Our track record of fostering mutually beneficial relationships in the communities in which we operate is something we are particularly proud of.”

About Urban Grid
Urban Grid is a leading developer of utility-scale solar power plants. Founded in Richmond, Virginia, in 2011, with offices in Virginia, Washington, DC, and Maryland, Urban Grid has completed the development of approximately 646 MWp of solar projects and currently has more than 5,600 MWp of solar projects under development. Our team has a proven track record of delivering solar energy solutions for corporate, utility, and municipal clients to meet their sustainability and renewable energy goals. www.urbangridco.com

About NextEnergy Capital
NextEnergy Capital (“NEC”) Group is one of the leading international investment and asset managers focused on the solar sector. Founded in 2007, NEC has over 140 employees across five offices, including London, Milan, Hyderabad, Luxembourg and Guernsey. Since inception it has acquired over 150 solar assets and NextEnergy Capital Limited currently manages c.$1.5 billion worth of solar investments.

NextPower III is a private equity fund established to invest in the international solar sector, specifically to fund the construction and long-term ownership of solar power plants. NextPower III’s target markets comprise mainly OECD and OECD Key Partner countries. It has initial commitments of c.US$160m, secured at its first close in November 2018, and a target size of US$750m. In the UK, the NextEnergy Solar Fund (NESF) is listed on the London Stock Exchange and is the largest listed solar infrastructure company in Europe. It has invested over £894 million into operating solar assets, amassing a portfolio of 87 operational sites, with a total capacity of 691MW. Of the 87 sites, 7 are in Italy and there are 3 portfolios of UK rooftop assets.’

Urban Grid Announces it has Sold 240MWAC of Solar Projects in Virginia to Dominion Energy

RICHMOND, Va, Aug.14th, 2018 — Urban Grid, a leading solar developer throughout the United States, is pleased to announce its sale of two solar projects, totaling 240MWAC, in Surry County, Va., to Dominion Energy.

The projects, Colonial Trail West Solar (142 MWac) and Spring Grove Solar I (98 MWac), will cover approximately 2,950 acres and generate power equivalent to the consumption of 60,000 homes. Once completed, together these projects will represent the largest contiguous solar project in Virginia.

Dominion Energy’s acquisition of these projects supports its commitment to expand its renewable fleet by 3,000 megawatts under development or in operation by early 2022. The effort was enabled by the Grid Transformation and Security Act of 2018.

The two projects will take about two years to complete and will generate approximately 720 jobs. Construction will commence in early 2019 for Colonial Trail West Solar, allowing the project to reach commercial operation in December of 2019, and allowing Spring Grove Solar I to reach commercial operation in October of 2020. The solar projects will provide direct and indirect economic benefits to the Commonwealth of Virginia of approximately $115.9 million.

“We are excited to have such a strong and proven owner of solar projects here in the Commonwealth of Virginia acquire these two exceptional solar projects from Urban Grid and are pleased to be able to assist Dominion Energy with achieving their renewable energy goals. Urban Grid would like to thank the many individuals that made these projects possible and would especially like to thank Surry County, Virginia for their support and cooperation throughout the development process. Urban Grid looks forward to continuing to bring quality development projects and economic benefits to the Commonwealth and the mid-Atlantic,” said Frank DePew, President of Urban Grid.

Governor Northam Announces New Solar Project in Henrico County

The 20 MW project will supply enough electricity to power over 5,000 homes.

Governor Ralph Northam today announced that the Virginia Department of Environmental Quality (DEQ) has issued a permit for Urban Grid Solar to construct and operate a new solar facility, Briel Farm Solar, LLC, on approximately 230 acres in Henrico County. The 20 megawatt (MW) project will supply enough electricity to power more than 5,000 homes.