Sunpin Solar, a leading developer of commercial and utility-scale solar and energy storage projects, announced that it has closed a senior secured revolving loan facility (the “Facility”) for up to $50 million with Crayhill Capital Management LP (“Crayhill”), a New York-based private credit manager and asset-based lender with a strong focus on Environmental, Social and Governance (ESG) investments.
The Facility will be backed by late-stage utility-scale solar projects under development by Sunpin Solar. The Facility is designed to finance capital expenditures required by projects prior to construction, including power purchase agreement deposits, interconnection deposits and engineering, procurement, and construction deposits. Sunpin Solar has more than 1GWp of solar and solar-plus-storage projects under development and has successfully developed, constructed and delivered several projects, including two recent projects in California of approximately 100 MWp each that provide renewable power to Direct Energy LP and another large retail energy provider.
“The capital solution provided by Crayhill will allow us to build and monetize our existing development pipeline and accelerate our growth,” said XJ Chen, Sunpin Solar’s Vice President of Development. “We appreciate the trust the Crayhill team has placed in us and look forward to building a successful partnership to deliver reliable green energy and reduce global carbon emissions.”
“Crayhill is excited to partner with Sunpin Solar and support their financing needs as they focus on scaling their business of developing and delivering high-quality solar power projects into the deep and expanding clean energy markets,” said Josh Eaton, Managing Partner of Crayhill Capital. “Despite the challenges created by the ongoing pandemic, demand for solar assets and green power remains strong. Sunpin Solar’s management team has deep experience, technical expertise and industry relationships that will enable them to successfully build on their position as a leading utility-scale solar developer.”