FORT WORTH, TX, April 12, 2022 /PRNewswire/ — Bridgelink Powera leading developer, builder and operator of utility-scale solar and energy storage projects, today announced the closing of a senior secured revolving credit facility (the “Facility”) of a amount up to $200 million with Crayhill Capital Management LP (“Crayhill”), a New YorkMinority-owned private credit manager focused on asset-based investing with deep expertise in the renewable energy sector. The facility will fund late-stage large-scale solar projects under development by Bridgelink Power.
Bridgelink Power has over 10 GWp of solar, storage and more solar storage projects under development within the Electric Reliability Board of Texas (ERCOT), PJM Interconnection (PJM) and Midcontinent Independent System Operator (MISO), and includes more than 1,000 MWh of stand-alone battery storage projects. The company’s management team has extensive experience working with the world’s leading energy companies, investment banks and commodity trading firms.
The facility is designed to finance capital expenditures for projects prior to construction, including deposits for the purchase of equipment and other long-lead items. The facility will also enable strategic acquisitions of pre-construction projects through which Bridgelink will leverage its EPC roots to accelerate their path to commercial operation.
“Crayhill’s strategic growth investment validates the operational and financial infrastructure we have built over the past 24 months to solidify our cradle-to-grave renewable development capabilities,” said Eric Solomon, chief investment officer of Bridgelink Power. “We appreciate Crayhill’s flexibility and creativity in structuring a partnership that will accelerate the growth of our pipeline across the United States, while bringing tremendous visibility to the clean energy movement within the fort worth market.”
“We are excited to partner with the team at Bridgelink Power for their next stage of growth, as they share our perspective on investing in and developing clean and scalable renewable energy technology to power the future,” said Shweta Kapadia, Head of Renewable Energy Investments at Crayhill Capital. “As demand for solar assets and other forms of renewable energy continue to grow, we believe our investment with Bridgelink Power has significant benefits for the company, its communities and stakeholders, our investors and the electricity markets in which they operate.”
About Bridgelink Power
Bridgelink Power is a family-owned organization that has built a solid reputation and portfolio of businesses in the renewable energy sector. Founded in 2012, the Bridgelink brand has established itself as an emerging Tier 1 developer, underpinned by a lifecycle asset offering spanning project development and finance, power trading and structuring, l EPC and O&M. Bridgelink has further positioned itself as a financially oriented sponsor with leading execution capabilities and relationships spanning the entire landscape of investors, lenders, industrialists and advisors. https://bridgelinkpower.com/
About Crayhill Capital Management
Crayhill Capital Management LP is a New Yorkminority-owned alternative asset management company specializing in asset-based investment opportunities. The company was launched in August 2015 and is registered with the US SEC as an investment adviser. Crayhill strives to provide capital solutions through tailored financing structures. Its asset-based investment strategies draw on deep industry expertise and relationships across the structured finance and specialty finance markets. For more information, please visit www.crayhill.com or email [email protected].
Crayhill Media Contacts:
Josh Clarkson / Ethan Thomas
[email protected] / [email protected]
SOURCECrayhill Capital Management