383 MW solar project in USA reaches financial close
Capital Dynamics, an independent global private asset management firm announced that it's Clean Energy Infrastructure (CEI) business has achieved financial close on a 383 megawatt (MWdc) solar photovoltaic project, located on the Moapa River Indian Reservation in Nevada, USA.
This transaction 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 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.
Project financing for Eagle Shadow Mountain comprised US$327 million in credit facilities led by MUFG Union Bank, N.A. (MUFG), including a US$202 million construction-to-term loan facility with a tenor of construction plus five years. Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corporation also provided a Letter of Credit Facility. Capital Dynamics is currently arranging tax equity financing.
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.
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