CleanCapital and CarVal Arrange $300 Million Debt for Solar

(Bloomberg) -- CleanCapital and funds managed by CarVal Investors arranged $300 million in debt financing that helped the New York-based renewables company buy its biggest solar portfolio yet.

Credit Suisse Group AG provided the financing, known as a debt-warehouse facility, according to a statement Thursday. Terms weren’t disclosed.

CleanCapital acquired a 75-megawatt portfolio of operating solar assets in New Jersey from KDC Solar LLC. The deal is the fourth made through its $250 million partnership with CarVal, Cargill Inc.’s asset-management unit. The portfolio is comprised of 15 projects.

New York-based CleanCapital now owns and operates 180 megawatts of renewables and manages $465 million worth in assets. It aims to buy as much as $1 billion of additional assets by the end of next year, said Chief Executive Officer Thomas Byrne.

To contact the reporter on this story: Brian Eckhouse in New York at beckhouse@bloomberg.net

To contact the editor responsible for this story: Lynn Doan at ldoan6@bloomberg.net

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