Urban Grid shuts USD 275m in the red re-finance for solar, storage

• United States utility-scale renewables designer Urban Grid revealed today it has safeguarded USD 275 million (EUR 238m) of flexible capital after expanding and also extending its existing collaboration with exclusive debt manager Crayhill Capital Management.

Richmond, Virginia-based Urban Grid said it will certainly deploy the fresh capital to advancement projects into the building and construction phase as well as proceed the scale up of its solar power generation and power storage space platform. The business's present project pipeline consists of 12.7 GW straight current (DC) of solar photovoltaic (PV) as well as 3.7 GW of co-located and also stand-alone power storage space.

"Accessibility to this very flexible capital enables our group to take projects through last growth and also right into procedures, across several areas, profiting the surrounding tidy power economic situation while improving the worth of our entire platform," said Frank DePew, Urban Grid owner and also chief executive officer.

Urban Grid intends to deploy at least 8 GW of clean power over the following 5 years, it kept in mind.