Capital Dynamics Achieves Monetary Shut on Nevada Solar Venture
Capital Dynamics, an independent global private asset management company, says its Clean Energy Infrastructure (CEI) business has closed a 383 MW DC solar photovoltaic project on the Moapa River Indian Reservation, Nevada.
This transaction marks the financial close for the Eagle Shadow Mountain project and 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 by the CEI team with 8 minutes of solar energy.
Project funding for Eagle Shadow Mountain comprised $ 327 million of credit facilities managed by MUFG Union Bank NA, including a $ 202 million term credit facility with a term of more than five years. MUFG developed a bespoke approach to a construction facility that offers maximum flexibility and debt sizing prior to assuming the tax share for the project. The Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corp. also provided a letter of credit. Capital Dynamics is currently arranging equity tax financing.
“We are excited to close the financing with MUFG and our other finance partners, especially in a challenging market environment,” said Benjamin Droz, Vice President of CEI at Capital Dynamics. “This project is proof of our collaboration with 8minute Solar Energy and the Moapa Band of Paiutes – and a significant addition to our fast-growing portfolio of long-term contracted solar systems.”
MUFG acted as administrative and collateral agent as well as coordinator of the lead arranger for the credit facility. Amis, Patel & Brewer LLP acted as legal advisor to Capital Dynamics.