“Bridge Loan to Support the Deployment of Community Solar Projects Eden Renewables, LLC
On November 8, 2019, NY Green Bank (“NYGB”) provided a 24-month senior secured $2.5 million bridge loan facility (the “Bridge Loan”) to Eden Devco Borrower LLC (“Borrower”), which is owned by Eden Devco LP (“Sponsor”), a limited partnership that is managed by Eden Renewables LLC (“Eden”). Bridge Loan proceeds will finance project interconnection deposits to National Grid for community distributed generation (“Community DG”) solar projects. This transaction is expected to provide New York State (“NYS”) residents and businesses with a greater variety of energy choices and, ultimately, lower-cost clean energy opportunities.
Eden is developing a portfolio of Community DG solar projects in NYS and requested that NYGB provide a $2.5 million Bridge Loan to finance interconnection deposits to National Grid for such projects, due under the New York State Public Service Commission (the “Commission”) Standardized Interconnection Requirements and Application Process.1
This transaction is expected to support up to 84.5 MW of solar assets in the State which is expected to: (i) provide commercial and residential project subscribers access to reliable, clean, low-cost energy; and (ii) reduce up to 373,019 metric tons of greenhouse gas (“GHG”) emissions annually in NYS. As there has been an increasingly strong demand for Community DG solar throughout NYS, capital providers are recognizing, and will continue to recognize, the value in providing financing to enable the deployment of these projects. NYGB expects the Bridge Loan product to serve a template for private capital to build on.”
read the Transaction Description
NY Green Bank December 2019.