Project Finance Brief: Renewable Developer Bridgelink Secures $200 Million Loan

Pivot Energy closes $190 million debt and tax equity financing for US solar portfolio

April 28, 2022


From: Mercom Capital Group

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. The facility is designed to fund capital expenditures for projects before construction, including deposits to procure equipment and other long lead time items. The loan will also enable strategic acquisitions of pre-construction projects whereby Bridgelink will leverage its EPC roots to expedite its path to commercial operation.

Pivot Energy, a solar provider that develops, finances, builds, owns, and manages solar and energy storage projects, closed a $190 million financing facility to support a 90 MW multi-state portfolio of distributed solar generation projects. Silicon Valley Bank (SVB) led the debt facilities, including a construction loan, tax equity bridge loan, and permanent loan, coupled with the tax equity investment from Foss. The portfolio comprises over 40 solar projects — approximately 80% community solar and 20% commercial and industrial (C&I) power purchase agreements (PPAs).

Cypress Creek Renewables (CCR), a developer and operator of utility-scale and distributed solar and energy storage projects, has closed a $450 million debt facility to expand its solar and storage project pipeline. These projects will help meet the increasing demand for renewable resources in the U.S.

The Queensland Investment Corporation (QIC), a government-owned investment company owned by the Queensland Government, acted as a Joint Lead Arranger alongside lenders, including Canada Pension Plan Investment Board and CarVal Investors.

Canadian-based Polaris Infrastructure, a publicly-traded company engaged in the acquisition, development, and operation of renewable energy projects in Latin America, has signed a Share Purchase Agreement (SPA) with a renewable energy developer, Potentia Renewables, to acquire the 32 MW Canoa 1 operational solar project in the Barahona Province, Dominican Republic. The project reached the commercial operation date in March 2020 and has a 20-year power purchase agreement (PPA) with Edesur Dominicana, a local Dominican distributor. Polaris agreed to purchase all the issued and outstanding common shares of Emerald Solar Energy, which owns 100% of the project and the licenses and permits, in exchange for $18.4 million in cash at closing. Polaris will own 100% of the project, including the Canoa 2 expansion.

Jupiter Power, a developer and operator of utility-scale battery energy storage systems, raised $174.6 million in portfolio debt financing for six battery energy storage projects in the ERCOT market in Texas. Jupiter is backed by EnCap Investments, Yorktown Partners, and Mercuria Energy. KeyBank National Association provided the financing. The six projects are all stand-alone, front-of-meter battery energy storage systems and are supported by Jupiter’s optimization strategies to maximize revenues. Four battery energy storage projects are operating, including the Flower Valley II 200 MWh project. The remaining two projects, each 200 MWh, are currently in commissioning.

Greenbacker Renewable Energy, an owner, and operator of sustainable infrastructure and energy efficiency projects, has entered a senior credit agreement of $76.3 million with joint lead arrangers Fifth Third Bank, National Association, and PNC Capital Markets. Morgan Stanley Renewables served as a tax equity investor. Fifth Third Bank also served as an administrative agent. Greenbacker will use the credit facility to expand its Celadon portfolio of solar projects, comprising 36 pre-operational and operational projects. The portfolio totals 107 MW of clean energy–generation capacity across 12 states and Washington, DC. All the portfolio’s projects either entered commercial operations in 2021 or will reach that stage in 2022.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.