FOR IMMEDIATE RELEASE: December 13, 2011
KDC Solar Closes $70 Million Revolving Construction Facility with Prudential Capital Group
KDC Solar LLC (“KDC Solar”), headquartered in Bedminster, New Jersey through a wholly owned subsidiary, closed a Senior Secured Revolving Credit Facility with Prudential Capital Group, a division of Prudential Financial Inc.(NYSE:PRU). The transaction consisted of the private placement by Prudential Capital Group of a total of $70 Million of floating rate promissory notes. The note proceeds will be used for the construction of various behind-the-meter solar projects in New Jersey. The facility is structured to be able to finance construction of multiple projects simultaneously as well as to re-use the facility for new projects following repayment of construction loans for individual projects.
“This was a unique and exciting transaction for us as an active solar energy sector participant,” said Ric Abel, Managing Director of Electric Finance Group, Prudential Capital Group. “We are proud to partner with KDC Solar and look forward to its successful development of solar projects throughout New Jersey.”
“The completion of this financing adds another pillar to our already strong capital base. We appreciate Prudential Capital Group’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 Solar’s CEO. “Coupled with our $225 million equity commitment from Diamond Castle, we’re further poised to execute upon our commitment to “behind-the-meter” solar power systems for businesses, governments and institutions in New Jersey, which in turn creates or preserves long-term jobs for New Jersey.”
KDC Solar LLC was represented by McCarter & English, LLP and Prudential Capital Group was represented by Bingham McCutchen LLP.