Bridgelink Power, a developer, constructor, and operator of utility-scale solar and energy storage projects has closed a senior secured revolving credit facility for up to $200 million with Crayhill Capital Management. The facility will finance late-stage, utility-scale solar projects under development by Bridgelink Power.
Bridgelink Power has over 10 GW of solar, storage, and solar-plus-storage projects under development across the Electric Reliability Council of Texas (ERCOT), PJM Interconnection (PJM), and Midcontinent Independent System Operator (MISO) and includes over 1,000 MWh of standalone battery storage projects.
The Facility is designed to fund capital expenditures for projects prior to construction, including deposits to procure equipment and other long lead time items. The facility will also enable strategic acquisitions of pre-construction projects whereby Bridgelink will leverage its EPC roots to expedite its path to commercial operation.
“As demand for solar assets and other forms of renewable energy continues to increase, we believe our investment with Bridgelink Power has considerable benefits for the company, its communities and stakeholders, our investors, and the power markets they operate in,” said Shweta Kapadia, Head of Renewable Energy Investing at Crayhill Capital.
According to Mercom’s Q1 2022 solar funding and M&A report, total corporate funding—including venture capital (VC) funding, public market, and debt financing—into the solar sector in Q1 2022 came to $7.5 billion in 49 deals, a 51% increase compared to $5 billion raised in 32 deals in Q4 2021. However, funding was lower by 7% year-over-year (YoY) compared to Q1 2021.
Earlier this week, BlackRock Real Assets, an investment banking firm, secured TWD 9.4 billion (~$327.5 million) in debt to refinance a 186 MW portfolio of solar projects in Taiwan. Law Firm Linklaters advised the lenders on the transaction. The portfolio, owned by BlackRock Real Assets’ Global Renewable Power Fund II, aggregates 42 projects held by many operating companies, covering ground-mounted, floating, and rooftop solar assets across Taiwan, which BlackRock Real Assets and Taiwan-based New Green Power have taken through from construction to operations.