Hudson Clean Energy Partners closes $90m facility for its fund

Hudson Clean Energy Partners, a clean energy focused private equity and infrastructure firm based in Teaneck, NJ, announced yesterday that it has closed a $90 million credit facility for its flagship fund. The follow-on financing, underwritten by an existing limited partner, will be used to support select Hudson portfolio companies as each enters a new phase of development. Moelis & Company, LLC, serves as the syndication agent for the transaction, and Pepper Hamilton LLP served as legal advisor.

Funds will be distributed among three portfolio companies:

• Element Power Holdings, L.P., a renewable energy developer that acquires, builds, owns and operates a portfolio of wind and solar power generation facilities worldwide, to help the company expand its reach in Northern Europe;

• Silicor Materials, Inc., the leading manufacturer of high-quality solar silicon, to assist in the financial close of its first large-scale production facility in Iceland;

• SoloPower Systems, Inc., a company specializing in the design, manufacture and deployment of CIGS flexible thin-film solar modules, to accelerate growth and strengthen operations at its manufacturing plant in Portland, Oregon.

Neil Auerbach, CEO of Hudson, said:

“From major market expansions to building world-class new facilities, we have seen tremendous progress across these companies and are confident each will thrive in the coming years. The continued support our partners have shown for clean energy innovators like Element Power, Silicor Materials and SoloPower is a testament to Hudson’s track record of building tomorrow’s industry leaders.”

John Cavalier, Hudson’s Chairman said:

“We believe that our commitment to these three portfolio companies is bearing fruit, as each organization is exploiting profitable opportunities that merit the deployment of expansion capital. The challenges each company successfully overcame have only made them stronger competitors in their respective markets.”

Since 2007, Hudson has amassed a global clean energy investment portfolio in its flagship fund, and established a solar infrastructure program in 2013.