Capital Dynamics secures funding for 383-MW Eagle Shadow Mountain solar challenge
Clean Energy Infrastructure, a subsidiary of Capital Dynamics, has completed financing for a solar photovoltaic project on the Moapa River Indian Reservation in Nevada.
The Eagle Shadow Mountain project builds on the initial collaboration with 8minute Solar Energy, which continues to oversee project development. The project is expected to create up to 400 new jobs during the 18-month construction period. 10 full-time employees will be working at the plant by the end of 2021. The project marks the third transaction between the Clean Energy Infrastructure team and a solar developer.
Project financing for Eagle Shadow Mountain comprised $ 327 million of credit facilities managed by MUFG Union Bank, including a $ 202 million short term credit facility with a term of five years.
“We are excited to close groundbreaking financing with MUFG and our other finance partners, especially in a challenging market environment,” said Benjamin Droz, VP of clean energy infrastructure at Capital Dynamics. “This project is a testament to our close and collaborative relationships with both 8minute Solar Energy and the Moapa Band of Paiutes and a significant addition to our rapidly growing portfolio of long-term contracted solar systems.”
MUFG acted as administrative and collateral agent as well as coordinating lead arranger for the credit facility.
“MUFG is excited to lead and successfully complete the debt financing for Eagle Shadow Mountain,” said Matt Curtin, director at MUFG Union Bank, NA. “The transaction provided MUFG with the opportunity to continue our support for Capital Dynamics, a leading sponsor in the EU.” PF market while a creative solution is being structured to address the challenging post-COVID tax equity market. “
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