FORT WORTH, Texas, April 12, 2022 /PRNewswire/ — Bridgelink Power, a leading developer, constructor, and operator of utility-scale solar and energy storage projects, today announced that it has closed a senior secured revolving credit facility (the “Facility”) for up to $200 million with Crayhill Capital Management LP (“Crayhill”), a New York-based, minority-owned private credit manager focused on asset-based investments and with deep expertise in the renewable energy sector. The Facility will finance late-stage, utility-scale solar projects under development by Bridgelink Power.
Bridgelink Power has over 10GWp of solar, storage, and solar-plus-storage projects under development across 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 company’s management team has deep experience working with the world’s leading energy companies, investment banks, and commodities trading houses.
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 their path to commercial operation.
“Crayhill’s strategic growth investment validates the operational and financial infrastructure we have built up over the past 24 months to solidify our cradle-to-grave renewable development capabilities,” said Eric Solomon, Bridgelink Power’s Chief Investment Officer. “We appreciate Crayhill’s flexibility and creativity to structure a partnership that will accelerate our pipeline’s growth across the US, while bringing tremendous visibility to the clean energy movement within the Fort Worth market.”
“We are excited to partner with the Bridgelink Power team on their next stage of growth, as they share our view of investing in and developing clean and scalable renewable energy technology to power the future,” said Shweta Kapadia, Head of Renewable Energy Investing at Crayhill Capital. “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.”