Capital Dynamics Completes Financing on Nevada Solar Challenge
Capital Dynamics, an independent global private asset management firm, says its Clean Energy Infrastructure (CEI) business has achieved financial close on the 383 MW DC Eagle Shadow Mountain solar photovoltaic project, located on the Moapa River Indian Reservation in Nevada.
This transaction builds on the initial collaboration with 8minute Solar Energy, which continues to oversee project development. The project is anticipated to generate up to 400 new jobs during the 18-month construction period, with 10 full-time employees working at the plant upon completion by the end of 2021. The project marks the CEI team’s third transaction with 8minute Solar Energy.
Project financing for Eagle Shadow Mountain comprised $327 million in credit facilities led by MUFG Union Bank N.A., including a $202 million construction-to-term loan facility with a tenor of construction plus five years. MUFG devised a tailored approach to a construction facility that provides maximum flexibility and debt sizing prior to tax equity commitment to the project. Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corp. also provided a letter of credit facility. Capital Dynamics is currently arranging tax equity financing.
“We are pleased to complete financing with MUFG and our other financial partners, particularly in the midst of a challenging market environment,” says Benjamin Droz, vice president of CEI at Capital Dynamics. “This project is a testament to our 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.”
MUFG acted as administrative and collateral agent, as well as coordinating lead arranger for the loan facility. Amis, Patel & Brewer LLP represented Capital Dynamics as legal counsel.