New Jersey-based KDC Solar has closed a US$100 million debt investment with Highbridge Principal Strategiesm which will be used to refinance one its plants.
The plant was established with Prudential Capital Group, a division of Prudential Financial for a portion of KDC Solar’s 50-megawatt portfolio of operating projects as well as provides capital to construct additional solar projects in New Jersey which are “shovel ready.”
“The completion of this investment further strengthens our ability to support our portfolio of operating solar projects as well as to build additional solar projects in 2016. We appreciate Highbridge Principal Strategies’s confidence in KDC Solar’s team and our ability to build, own and operate solar projects that provide lower cost clean electricity,” said Hal Kamine, KDC’s CEO. “Coupled with our equity support from Diamond Castle, we’re further poised to execute upon our plan to construct additional “behind-the-meter” solar power systems for businesses, governments and institutions, which creates and preserves long-term jobs for New Jersey.”
KDC Solar is supported by an allocation of US$225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more than US$1.8 billion of committed capital under management.