FOR IMMEDIATE RELEASE: June 7, 2010
KDC Solar LLC Begins Partnership with Diamond Castle
Bedminster, NJ – KDC Solar LLC (“KDC Solar” or the “Company”), a leading commercial solar developer and owner / operator in New Jersey, announced today that it has formed a partnership with funds affiliated with Diamond Castle Holdings, LLC ("Diamond Castle"), a New York-based private equity firm. As part of the transaction, Diamond Castle will acquire KDC Solar and has allocated up to $225 million in equity capital to fund the growth of KDC Solar going forward. The entire executive management team will continue in their current roles with the Company.
KDC Solar’s Chief Executive Officer Hal Kamine said, “We are thrilled to partner with Diamond Castle, an experienced investor in the renewable power industry, who is able to provide KDC Solar with the capital necessary to take advantage of the unique opportunity in the New Jersey commercial solar market. The ability to offer solar solutions to large commercial building owners and tenants with no capital contribution on their part will provide us with a distinct advantage in successfully building attractive solar projects.”
“We are excited to team up with Hal Kamine and the rest of KDC Solar’s management to help them develop a compelling market opportunity in the solar industry. We believe this is an excellent time to build a sizeable solar business in New Jersey,” said Michael Ranger, Senior Managing Director of Diamond Castle.
About KDC Solar LLC
KDC Solar was founded as a subsidiary of Kamine Development Corp (“KDC”) which was established in 1985 to develop, construct, own, and operate co-generation natural gas fired power plants in the New York/New Jersey areas and was the largest independent power producer in the New York/New Jersey area. KDC’s facilities produced 600MW of power and arranged for $800 million in financing.
KDC Solar intends to become one of the largest owners and operators of solar solutions in New Jersey and the Mid-Atlantic states by providing commercial and industrial real estate owners and tenants significantly lower long-term energy costs. KDC Solar is focused on the development, construction, operation and ownership of 1 – 10 MW facilities. For more information please visit www.kdcsolar.com.
About Diamond Castle Holdings, LLC
Diamond Castle Holdings, LLC is a private equity firm with over $1.85 billion of committed capital under management. Founded in 2004, Diamond Castle specializes in leveraged buyouts, growth capital and equity-like investments in both public and private companies. Diamond Castle targets investments in the following industry sectors: media and communications, energy and power, financial services, healthcare and diversified industries. Diamond Castle has 23 employees located in New York, New York. For more information please visit www.dchold.com.
KDC Solar, LLC:
Thomas P. Lynch, Executive Vice President
Phone: (908) 212-3623