Capital Dynamics Achieves Financial Close on 383 MW Eagle Shadow Mountain Solar Project

Capital Dynamics, an independent global private asset management firm, is pleased to announce that its Clean Energy Infrastructure (CEI) business has achieved financial close on a 383 megawatt (MWdc) solar photovoltaic project, located on the Moapa River Indian Reservation in Nevada.

This transaction represents the financial close for the Eagle Shadow Mountain project and builds on the initial collaboration with 8minute Solar Energy, which continues to oversee project development. The project is anticipated to generate up to 400 new jobs during the 18-month construction period, with 10 full-time employees working at the plant upon completion by the end of 2021. The project marks the Clean Energy Infrastructure Team’s third transaction with the leading solar developer.

Project financing for Eagle Shadow Mountain comprised USD 327 million in credit facilities led by MUFG Union Bank, N.A. (“MUFG”), including a USD 202 million construction-to-term loan facility with a tenor of construction plus five years. MUFG devised a tailored approach to a construction facility that provides maximum flexibility and debt sizing prior to tax equity commitment to the project, as well as a committed accordion feature, which will convert the facility into a conventional construction plus term back leverage facility upon tax equity commitment. Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corporation also provided a Letter of Credit Facility. Capital Dynamics is currently arranging tax equity financing.

“We are pleased to complete a path-breaking financing with MUFG and our other financial partners, particularly in the midst of a challenging market environment,” said Benjamin Droz, Vice President of Clean Energy Infrastructure at Capital Dynamics. “This project is a testament to our deep and collaborative relationships with both 8minute Solar Energy and the Moapa Band of Paiutes, and a meaningful addition to our rapidly growing portfolio of long-term contracted solar assets.”

“MUFG is very pleased to lead and successfully close the debt financing for Eagle Shadow Mountain,” said Matt Curtin, Director at MUFG Union Bank, N.A. “The transaction afforded MUFG the opportunity to continue our support for Capital Dynamics, a premier sponsor in the PF market, while structuring a creative solution to address the challenging post-COVID market for tax equity.”

MUFG acted as Administrative and Collateral Agent, as well as Coordinating Lead Arranger for the loan facility. Amis, Patel & Brewer, LLP represented Capital Dynamics as legal counsel.