The 383MW Eagle Shadow Mountain Solar photovoltaic project is located on the Moapa River Indian Reservation in the US state
Private asset management firm Capital Dynamics has announced that its Clean Energy Infrastructure (CEI) business has achieved financial close on the 383MW Eagle Shadow Mountain Solar photovoltaic project in Nevada, the US.
The solar project is located on the Moapa River Indian Reservation in the US state.
This transaction marks the financial close for the solar project and builds on the initial collaboration with 8minute Solar Energy, which will continue to monitor the project development.
During the 18 months of the project’s construction period, around 400 jobs are expected to be created.
About 10 full-time employees will work at the plant by upon completion of the project by the end of next year.
This is CEI’s third transaction with a solar developer.
The financing for the solar project consisted of $327m in credit facilities led by MUFG Union Bank, including a $202m construction-to-term loan facility with a tenor of construction in addition to five years.
A letter of credit facility was also provided by the Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corporation. The tax equity financing is currently being arranged by Capital Dynamics.
Capital Dynamics Clean Energy Infrastructure vice president Benjamin Droz said: “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.
“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 served as administrative and collateral agent, as well as coordinating lead arranger for the loan facility. The legal counsels for Capital Dynamics was Amis, Patel & Brewer.
In November, Capital Dynamics announced that its CEI business has completed the acquisition of 316MW solar photovoltaic projects from LS Power.