Clean Energy Infrastructure, a subsidiary of Capital Dynamics, has closed financing a solar photovoltaic project, located on the Moapa River Indian Reservation in Nevada.
The Eagle Shadow Mountain project 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 Clean Energy Infrastructure Team’s third transaction with the solar developer.
Project financing for Eagle Shadow Mountain comprised $327 million in credit facilities led by MUFG Union Bank, including a $202 million construction-to-term loan facility with a tenor of construction plus five years.
“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,” said Benjamin Droz, VP of Clean Energy Infrastructure at Capital Dynamics. “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.”
MUFG acted as Administrative and Collateral Agent, as well as Coordinating Lead Arranger for the loan facility.
“MUFG is very pleased to lead and successfully close the debt financing for Eagle Shadow Mountain,” said Matt Curtin, Director at MUFG Union Bank, N.A. “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.”
News item from Capital Dynamics