Bridge Renewable Energy, a subsidiary of Bridge Investment Group Holdings, has closed an $80 million delayed draw term loan facility along with a $5 million revolving credit facility. The facility primarily includes a construction-to-term loan, along with provisions for preferred equity bridge and tax credit bridge loan capacity. The financing has been arranged in partnership with Investec Bank, with additional commitments from Amalgamated Bank and Farmer Mac.
The financing facility will support the development, construction, and operation of a 40 MW portfolio consisting of 42 community solar and commercial and industrial solar and battery energy storage projects. These projects are distributed across nine US states, including Arizona, California, Georgia, Illinois, Maryland, Maine, Minnesota, Nebraska, and Texas.
The loan is backed by Energetic Capital’s EneRate Credit Cover policy, which provides insurance coverage to mitigate offtaker credit risks for renewable energy investors and lenders. Furthermore, Foley & Lardner served as borrower’s counsel for Bridge Renewable Energy, while Wilkie Farr & Gallagher represented Investec Bank as lender’s counsel.