Crayhill Capital provides loan to Urban Grid's 5 GWp of solar projects

Urban Grid has closed a senior secured term loan facility for up to US$100 million with Crayhill Capital Management, a New York-based private credit manager and asset-based lender, to finance the late-stage development of utility-scale solar projects.

The Facility is backed by and will finance the late-stage development of more than 5 GWp of utility-scale solar projects under development by Urban Grid. The Facility is designed to finance the significant capital expenditures required by projects prior to construction.

With offices in Virginia, Washington, DC, and Maryland, Urban Grid has completed the development of approximately 400 MWp of solar projects and currently has more than 5 GWp of solar projects under development. 

The company has a successful track record of delivering quality solar projects, including two recent projects purchased by Dominion Energy that provide over 340 MWp of renewable power to a new data center in Virginia operated by Facebook.