Crayhill Capital Management has provided a loan facility for up to $50 million to Sunpin Solar, a developer of commercial and utility-scale solar and energy storage projects. The loan will be used to back capital expenditures required by projects prior to construction.
Irvine, CA, December 22, 2020 – Sunpin Solar, a leading developer of commercial and utility-scale solar and energy storage projects, today announced that it has closed a senior secured revolving loan facility (the “Facility”) for up to $50 million with Crayhill Capital Management LP (“Crayhill”), a New York-based private credit manager and asset-based lender with a strong focus on Environmental, Social and Governance (ESG) investments.
The Facility will be backed by late-stage utility-scale solar projects under development by Sunpin Solar. The Facility is designed to finance capital expenditures required by projects prior to construction, including power purchase agreement deposits, interconnection deposits and engineering, procurement, and construction deposits. Sunpin Solar has more than 1GWp of solar and solar-plus-storage projects under development and has successfully developed, constructed and delivered several projects, including two recent projects in California of approximately 100 MWp each that provide renewable power to Direct Energy LP and another large retail energy provider.
“The capital solution provided by Crayhill will allow us to build and monetize our existing development pipeline and accelerate our growth,” said XJ Chen, Sunpin Solar’s Vice President of Development. “We appreciate the trust the Crayhill team has placed in us and look forward to building a successful partnership to deliver reliable green energy and reduce global carbon emissions.”
“Crayhill is excited to partner with Sunpin Solar and support their financing needs as they focus on scaling their business of developing and delivering high-quality solar power projects into the deep and expanding clean energy markets,” said Josh Eaton, Managing Partner of Crayhill Capital. “Despite the challenges created by the ongoing pandemic, demand for solar assets and green power remains strong. Sunpin Solar’s management team has deep experience, technical expertise and industry relationships that will enable them to successfully build on their position as a leading utility-scale solar developer.”
About Sunpin Solar
Sunpin Solar, established in 2012, is a leading commercial and utility-scale solar and energy storage developer in the United States. Headquartered in Irvine, California, Sunpin Solar has regional offices in Illinois, Maryland, Massachusetts, New York, Ohio, Pennsylvania, and Texas. As of November 2020, Sunpin Solar has more than 1GWp of solar projects under development and more than 200 MWp in operation across the United States. www.sunpinsolar.us
About Crayhill Capital Management
Crayhill Capital Management LP is a New York-based alternative asset management firm that specializes in asset-based private credit opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets. For more information please visit www.crayhill.com or email firstname.lastname@example.org.