Capital Dynamics has secured over half a billion dollars in project financing for a 383MW US solar project.
The asset manager said its Clean Energy Infrastructure (CEI) business has secured $327m in credit facilities led by MUFG Union Bank, including a $202m construction-to-term loan facility for the Eagle Shadow Mountain project.
Capital Dynamics said Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corporation provided a letter of credit facility, adding that it is currently arranging tax equity financing.
In January this year, Capital Dynamics and 8minute Solar Energy acquired the project located on the Moapa River Indian Reservation in Nevada.
Capital Dynamics said the financing deal represents 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 solar project is slated for completion and opening by the end of 2021.
Benjamin Droz, VP of clean energy infrastructure at Capital Dynamics, said: “We are pleased to complete a path-breaking financing with MUFG and our other financial partners, particularly in the midst of a challenging market environment.”
“This project is a testament to our deep and collaborative relationships with both 8minute Solar Energy and the Moapa Band of Paiutes, and a meaningful addition to our rapidly growing portfolio of long-term contracted solar assets.”
Matt Curtin, director at MUFG Union Bank, said: “The transaction afforded MUFG the opportunity to continue our support for Capital Dynamics, a premier sponsor in the PF market, while structuring a creative solution to address the challenging post-COVID market for tax equity.”
To read the digital edition of the latest IPE Real Assets magazine click here.