Urban Grid Names Chief Financial Officer, Chief Commercial Officer to Senior Leadership Posts

Eivind Osterhus and Erica Engle bring world-class expertise as IPP operations scale in 2024.

HOUSTON, Tx., February 13, 2024 (GLOBE NEWSWIRE) — Urban Grid, a leading independent power producer (IPP), has named Eivind Osterhus as Chief Financial Officer and Erica Engle as Chief Commercial Officer. The two senior executives have noteworthy career achievements and round out Urban Grid’s senior management team.

Eivind Osterhus previously spent more than twenty years at energy technology company Baker Hughes, where he held leadership roles in Finance and Operations across the world. “It is incredibly exciting to be named CFO of Urban Grid at this dynamic time, as our first solar plant is generating power and ushering in the next chapter for the company,” said Osterhus. “My passion lies in leading a team to improve business and financial performance within a company that values sustainability and collaboration. I have found that in Urban Grid’s culture and very much look forward to making an impact here.”

Erica Engle joins Urban Grid with over 20 years of energy experience in energy trading and origination. She recently served as Head of Structured Origination at AES Clean Energy, playing an instrumental role in establishing them as a leading developer in corporate PPAs for the past two years. “This is an exciting time to join Urban Grid as they expand their presence as an owner-operator of renewable assets,” Engle remarked.  “I look forward to working with the team to commercialize the solar and storage portfolio, closely partnering with our customers to continue accelerating towards a carbon-free future.”

“Urban Grid remains committed to driving economic growth and sustainability across the local communities served by our portfolio,” said Pete Candelaria, CEO.  “Eivind and Erica exemplify the leadership, passion, and shared values necessary to continue delivering on this commitment.  It is my great pleasure to welcome them both to Urban Grid.

Eivind and Erica are based out of Urban Grid’s headquarters in Houston, Texas.

Urban Grid

Urban Grid, a leading independent power producer, facilitates a rapid and sustainable energy transition by developing high-quality renewable energy projects, fostering community partnerships and serving as a good land steward. Our company is positioned to own and operate its facilities while cultivating a land management system that benefits farmers, communities and the natural world through agrivoltaics. Urban Grid maintains a delivery-focused approach with the goal of being a good neighbor, corporate citizen and trusted energy solutions partner. Headquartered in Houston, Texas, with teams situated strategically throughout the United States, Urban Grid has a long history of contributing to the clean energy economy. In addition to 940 megawatts currently contracted and under construction, we are actively developing a growing portfolio of more than 12,000 megawatts of solar PV and 7,000 megawatts of co-located and stand-alone energy storage. 
 
Urban Grid is a portfolio company of Brookfield, one of the world’s largest owners and operators of renewable power and climate transition assets.
 

Media Contact:

Val Newcomb

(434) 422-5679

[email protected]

Urban Grid Names Matt McCluskey Chief Development Officer

Accomplished renewables development executive to advance Urban Grid’s 12 GW solar and 7 GW energy storage pipeline and lead market expansion for the company.

HOUSTON, Tx., December 20, 2023 (GLOBE NEWSWIRE) — Urban Grid, a leading independent power producer (IPP) specializing in solar and energy storage, proudly announces the appointment of Matt McCluskey, as Chief Development Officer.

With a distinguished career spanning wind and solar projects having developed 3.5 gigawatts of operating assets across ERCOT, SPP, MISO, SERC, and across the US, Matt McCluskey brings a wealth of expertise to Urban Grid’s executive team. His strategic vision and deep understanding of the renewable energy landscape align seamlessly with the company’s commitment to develop, build, and operate world-class sustainable power solutions. “I am excited to be a part of a forward-thinking organization dedicated to reshaping the future of energy. In my career, I’ve had the chance to join renewables organizations on the cusp of new growth; first developing projects then building a pipeline and most recently a business unit,” said McCluskey. “Joining Urban Grid in its early stages as an IPP is a phenomenal opportunity.”

McCluskey, formerly VP of Development for EDF Renewables North America, will take charge of land acquisition, interconnection, permitting and project development and marks the expansion of the company’s senior leadership. CEO, Pete Candeleria, said “As we continue our journey towards becoming a premier power producer, Matt’s leadership will be pivotal in driving our development initiatives to new heights. His proven track record and passion for renewable energy make him an invaluable addition to our team as we endeavor to transform the power grid with renewable energy and bring new economic prosperity to our project communities.”

Matt is based out of Urban Grid’s headquarters in Houston, Texas.

Urban Grid

Urban Grid, a leading independent power producer, facilitates a rapid and sustainable energy transition by developing high-quality renewable energy projects, fostering community partnerships and serving as a good land steward. Our company is positioned to own and operate its facilities while cultivating a land management system that benefits farmers, communities and the natural world through agrivoltaics. Urban Grid maintains a delivery-focused approach with the goal of being a good neighbor, corporate citizen and trusted energy solutions partner. Headquartered in Houston, Texas, with teams situated strategically throughout the United States, Urban Grid has a long history of contributing to the clean energy economy. In addition to 940 megawatts currently contracted and under construction, we are actively developing a growing portfolio of more than 12,000 megawatts of solar PV and 7,000 megawatts of co-located and stand-alone energy storage.

Urban Grid is a portfolio company of Brookfield, one of the world’s largest owners and operators of renewable power and climate transition assets.

Media Contact:

Val Newcomb, AVP Marketing & Communications:

(434) 422-5679

[email protected]

 

Urban Grid Expands Leadership Team Naming General Counsel and VP Asset Management

Readying for Deployment of First Fully Developed and Built Assets, Urban Grid Ramps Up Operations as Independent Power Producer

RICHMOND, Va., June 20, 2023 (GLOBE NEWSWIRE) — Urban Grid, a Brookfield Renewable company and leading provider of clean energy, today named Randy Sawyer, formerly of EDP Renewables, as General Counsel. In addition, Jeff Hudson, former Director of Transmission Engineering for the firm, has been promoted to Vice President of Asset Management.

“I’ve spent nearly a decade supporting the hard work of decarbonizing the grid and my passion for it transcends the job,” said Sawyer. “Urban Grid is poised for extraordinary growth and the team is really building something new and that’s so exciting. To provide sound counsel and help guide the business through this phase and beyond is a huge and humbling opportunity.”

Sawyer began his career at the law firms of Holland & Knight and Latham & Watkins before joining EDP Renewables, where he spent 10 years, ultimately becoming Associate General Counsel, overseeing finance and tax equity transactions in addition to a broad swath of legal operations and streamlining processes in order to minimize project risk.

As Urban Grid’s first in-house counsel, Sawyer will develop an internal legal function that allows the team to remain nimble and innovative while navigating compliance and regulatory requirements. Further, he will help to establish processes and strategic relationships as the company forms new operating business units such as asset management under VP, Jeff Hudson. Jeff’s asset management experience at Duke Energy coupled with his leadership at Urban Grid make him a great fit to lead the rollout of this new department with the goal of safely operating our power plants,  maintaining high reliability and incorporating an  agrivoltaic land management program for world-class operations.

“Our late-stage and in-construction projects are rapidly moving towards commercial operations and we’ll be ready to manage power generation by December,” said Peter Candelaria, Urban Grid CEO. “Under Jeff’s leadership, we’re building out operations to fully support our new solar facilities, off-take partners and–importantly–the local community for decades to come. I am honored to welcome Randy and Jeff to the expanding leadership team at Urban Grid.”

In January 2022, Brookfield Renewable U.S. acquired Urban Grid. The acquisition tripled Brookfield Renewable’s U.S. development to 31,000 megawatts of capacity and set Urban Grid on a course for growth. The acquisition has enabled Urban Grid to transition its development assets into operating facilities. Today, the platform spans the lifecycle of solar and energy storage development through project delivery, from site acquisition, community engagement, and development to engineering, construction, and commercialization. Urban Grid is actively preparing for the asset management process as projects enter construction.

Urban Grid

Urban Grid, a leading independent power producer, facilitates a rapid and sustainable energy transition by developing high-quality renewable energy projects, fostering community partnerships, and serving as a good land steward. Our company is positioned to own and operate its facilities while cultivating a land management system that benefits farmers, communities, and the natural world through agrivoltaics. Urban Grid maintains a delivery-focused approach with the goal of being a good neighbor, corporate citizen, and trusted energy solutions partner. Headquartered in Richmond, Virginia, with teams situated strategically throughout the United States, Urban Grid has a long history of contributing to the clean energy economy. In addition to 272.5 megawatts currently under construction, we are actively developing a growing portfolio of more than 15,000 megawatts of solar PV and 7,000 megawatts of co-located and stand-alone energy storage. For more, please visit www.urbangridsolar.com.

Urban Grid is a Brookfield Renewable company. Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms.

Brookfield Renewable

Brookfield Renewable Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 31,600 megawatts of installed capacity and a development pipeline including approximately 131,900 megawatts of renewable power assets, 12 million metric tonnes per annum (“MMTPA”) of carbon capture and storage, 2 million tons of recycled material, 4 million metric million British thermal units of renewable natural gas pipeline, a solar manufacturing

facility capable of producing 5,000 MW of panels annually and 1 MMTPA green ammonia facility powered entirely by renewable energy. Investors can access its portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Brookfield Renewable is the flagship listed renewable power company of Brookfield Corporation, a leading global alternative asset manager with over $825 billion of assets under management.

# # # 

Urban Grid Welcomes New COO Saad Shamsi

Former Shell Renewables Executive to Lead Project Delivery in Scale-up to Independent Power Producer (IPP)

RICHMOND, Va., April 06, 2023 (GLOBE NEWSWIRE) — Urban Grid, a BrookfieldRenewable company and leading provider of clean energy, today named Saad Shamsi, a former Shell executive and seasoned leader in renewables delivery, as chief Operating Officer.

“In recent years, I have focused on building teams and organizations for the successful delivery of solar and wind projects,” said Shamsi. “The opportunity to join Urban Grid in its evolution from developer to IPP is exciting and will enable me to work with a passionate and dedicated group of individuals who have built an impressive project pipeline.”

During his 16-year tenure at Shell, Shamsi has had a tremendous impact in several business lines, including Silicon Ranch, Savion, and Shell Renewables and Energy Solutions. As COO at Urban Grid, Shamsi’s charge is to firm up its execution capabilities and significantly increase the ability to deliver clean power to the grid annually. In the near term, he will lead the delivery of over 272 megawatts across multiple operating assets over the next 18 months.

“We are working to establish Urban Grid as a world-class operator and leader in the industry. Saad’s previous roles in operations, maintenance, construction, at refineries, wind and solar power plants bring the critical skills needed to build out a reliable project delivery process,” said Peter Candelaria, Urban Grid CEO. “I’ve witnessed first-hand his passion for employee engagement and for building a culture of opportunity and ownership among teams. I’m thrilled to have him join our team!”

In January of 2022, Brookfield Renewable U.S. acquired Urban Grid. The acquisition tripled Brookfield Renewable’s U.S. development to 31,000 megawatts of capacity and set Urban Grid on a course for growth. The acquisition has enabled Urban Grid to transition its development assets into operating facilities. Today, the platform spans the lifecycle of solar and energy storage development through project delivery, from site acquisition, community engagement and development to engineering, commercialization and construction. Urban Grid is actively preparing for the asset management process as projects enter construction.

“Brookfield has deployed significant capital in the U.S. renewable energy sector which remains one of the world’s most significant decarbonization opportunities,” said Mitch Davidson, Managing Director of Brookfield Renewable U.S. “Peter’s leadership combined with Saad’s operational expertise will no doubt deliver strong results for Urban Grid as its evolution to an IPP comes into full view.”

Urban Grid

Urban Grid, a leading independent power producer, facilitates a rapid and sustainable energy transition by developing high-quality renewable energy projects, fostering community partnerships, and serving as a good land steward. Our company is positioned to own and operate its facilities while cultivating a land management system that benefits farmers, communities and the natural world through agrivoltaics. Urban Grid maintains a delivery-focused approach with the goal of being a good neighbor, a responsible corporate citizen and a trusted energy solutions partner. With teams situated strategically throughout the United States, Urban Grid has a long history of contributing to the clean energy economy. In addition to the 272 megawatts currently under construction, we are actively developing a growing portfolio of more than 15,000 megawatts of solar PV and 7,000 megawatts of co-located and stand-alone energy storage. 

Urban Grid is a Brookfield Renewable company. Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms.

Media Contact:

Val Newcomb, AVP Marketing & Communications: (434) 422-5679, [email protected]

Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded platforms for decarbonization technologies. Our diversified portfolio consists of hydroelectric, wind, solar, distributed energy and sustainable technology solutions across five continents. Our installed capacity totals approximately 25,400 megawatts and a development pipeline of approximately 110,000 megawatts of renewable power assets, 8 million metric tonnes per annum (“MMTPA”) of carbon capture and storage,2 million tonnes per annum of recycled materials capacity and 3 million metric million British thermal units (“MMBtu”) annual capacity of renewable natural gas projects. Investors can access its portfolio either through Brookfield RenewablePartners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation.Brookfield Renewable is the flagship listed renewable power company of BrookfieldAsset Management, a leading global alternative asset manager with approximately $800 billion of assets under management.

Media Contacts:

Brookfield Renewable:

David Heidrich, Stakeholder Relations Manager; +1-207-755- 5608

[email protected]

Investor Relations:

Brookfield Asset Management: [email protected]

+44 207 408 8389

Peter Candelaria Named Urban Grid CEO in Leadership Team Expansion

  • Founder & CEO, Frank DePew, Transitions to Chairman
  • Seasoned Management Team Poised for Growth and Transition to IPP
  • Candelaria, having spent eight years in executive leadership at Silicon Ranch– one of the nation’s largest independent power producers–will report to the Urban Grid Board of Managers.

RICHMOND, Va., Oct. 13, 2022 (GLOBE NEWSWIRE) — Urban Grid, a Brookfield Renewable company and leading solar developer today announced the expansion of its executive leadership team and named Peter Candelaria Chief Executive Officer. A team-centered visionary with over 20 years of experience in both conventional and renewable energy, Candelaria spent eight years in senior management at Silicon Ranch Corporation where he led Origination, Development and Operations throughout his tenure.

Frank DePew, who founded Urban Grid in 2010 and is now Chairman, said Peter Candelaria is everything he could have hoped for in a successor, “Peter is obviously a very accomplished C-Suite executive with expertise at the highest levels of the energy industry. But what makes him so unique is the creativity, collaboration, and accessibility he brings to his leadership approach. Peter aligns well with Urban Grid’s unique company culture and that is incredibly important to me as we begin this next chapter.” Candelaria will report to the Urban Grid Board of Managers.

“I’ve spent the past decade delivering clean energy at scale with the intent of making renewable energy a reliable complement to the larger portfolio of energy solutions,” said Candelaria. “Urban Grid is incredibly well positioned with numerous projects in pre-construction, a vast portfolio in development and an impressive team on the leading edge of technical innovation and fully prepared to have a disproportionate impact on the industry–and I’m grateful for the opportunity and really proud to join their ranks.”

An accomplished industry expert in environmental best practices in solar development, Candelaria has played a leading role in transformative solar power plant design, construction, and operations which encourage co-located agriculture, habitat regeneration and energy production on solar farm sites. “As clean energy pioneers who endeavor to improve our environment, it is critical that we build, own and operate solar plants that give consideration to best practices in land management and the communities we serve,” said Candelaria.

“As with any CEO successor, finding the best talent and cultural fit is critical and Peter is certainly that fit for Urban Grid. He is a talented and experienced leader who has developed his career in clean energy and has complete endorsement and support from the Board of Managers. We look forward to working with Peter to accelerate the delivery of Brookfield Renewable’s growth strategy through Urban Grid,” said Mitch Davidson, CEO, Brookfield Renewable U.S. and Urban Grid Board of Managers.

Urban Grid

Urban Grid is a utility scale renewable energy project developer, with over a decade of expertise in taking solar and energy storage projects through the full development process, from site acquisition through interconnection, permitting, offtake execution and project exit. Headquartered in Richmond, Virginia–with teams located strategically throughout the United States, Urban Grid has provided utilities and corporate clients with reliable clean energy. We are actively developing a growing portfolio of approximately 15,000 megawatts of solar PV and 7,000 megawatts of co-located and stand-alone energy storage, throughout 12 states in support of America’s transition to clean, sustainable power. To learn more, please visit www.UrbanGridSolar.com.

Urban Grid is a Brookfield Renewable company. Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms

Media Contact:

Urban Grid: Val Newcomb: (434) 422-5679, [email protected]

Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 21,000 megawatts of installed capacity and an approximately 56,000- megawatt development pipeline. Investors can access its portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at www.bep.brookfield.com and https://bep.brookfield.com/bepc. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately

$650 billion of assets under management.

Media Contact:

Brookfield Renewable: David Heidrich, Stakeholder Relations Manager; +1-207-755- 5608

[email protected] Investor Relations:

Brookfield Asset Management: [email protected]

+44 207 408 8389

Brookfield Renewable Acquires Premiere Renewable Developer Urban Grid, Adding Approximately 20,000 Megawatts of Solar and Energy Storage Projects in the U.S.

All amounts in U.S. dollars unless otherwise indicated

  • Brookfield Renewable acquired clean power developer Urban Grid and its pipeline of high-quality utility-scale solar and energy storage projects, totaling approximately 20,000 megawatts of planned capacity across 12 states

  • Acquisition approximately triples Brookfield Renewable’s existing development pipeline in the U.S. to approximately 31,000 megawatts, establishing one of the largest clean power developers in the country

  • Urban Grid will retain its brand name in recognition of its strong market presence

BROOKFIELD, News, January 26, 2022 — Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners, today announced the acquisition of clean power developer Urban Grid and its high-quality pipeline of projects comprising approximately 13,000 megawatts of utility-scale solar and 7,000 megawatts of energy storage capacity for $650 million. The addition of Urban Grid’s projects nearly triples Brookfield Renewable’s U.S. development pipeline to approximately 31,000 megawatts of capacity, making it one of the largest renewable developers in the country.


Urban Grid, which will continue under the Urban Grid brand name as an independent power producer (IPP), boasts a strong development platform and a robust pipeline of advanced-stage renewable projects across key markets in the U.S. including the mid-Atlantic, Midwest and Southeast. It has nearly 2,000 megawatts of under construction or ready-to-build solar projects, with an additional 4,000 megawatts of de-risked advanced stage buildout opportunities.


Founded in 2010, Urban Grid has established a reputation for expertise in taking utility-scale solar and energy storage projects through the full development process, from site acquisition through to interconnection, permitting, and commercialization. Working with Urban Grid’s team of dedicated professionals, Brookfield Renewable will leverage its deep operating and commercial capabilities to optimize the value of Urban Grid’s development pipeline.


“The joining together of our outstanding teams and adding Urban Grid’s high-quality pipeline of clean energy projects presents an exceptional opportunity for Brookfield Renewable to further establish itself as the leading renewable energy provider in the country,” said Mitch Davidson, Chief Executive Officer of Brookfield Renewable’s U.S. business. “Urban Grid’s team not only deepens our development capabilities, but it also provides strategic access to key U.S. markets, serving as the perfect catalyst to accelerate Brookfield Renewable’s growth.”


“Brookfield Renewable is the right home for Urban Grid. Our exceptional team and extraordinary portfolio combine to complement and expand Brookfield’s U.S. development operations, and this move enables the next phase of growth for our organizations,” said Frank DePew, President and Chief Executive Officer of Urban Grid. “Furthermore, Brookfield’s collaborative culture and entrepreneurial spirit match our DNA. With enormous pride and gratitude, I look forward to leading Urban Grid as part of Brookfield to make a meaningful contribution towards achieving a clean energy future.”


Urban Grid was advised by Nomura Greentech and Orrick, and Brookfield Renewable was advised by Sidley Austin.

Solar megawatts are presented on a DC basis and storage megawatts are presented on an AC basis.


Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 21,000 megawatts of installed capacity and an approximately 56,000-megawatt development pipeline. Investors can access its portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at www.bep.brookfield.com and https://bep.brookfield.com/bepc. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately $650 billion of assets under management.


Media Contact: Brookfield Renewable: Jonathan Crawford: (646) 992-2541, [email protected]

Investor Relations: Brookfield Renewable: Robin Kooyman: (416) 369-2616, [email protected]


Urban Grid

Urban Grid is a utility scale renewable energy project developer, with over a decade of expertise in taking solar and energy storage projects through the full development process, from site acquisition through interconnection, permitting, offtake execution and project exit. Headquartered in Richmond, Virginia–with teams located strategically throughout the United States, Urban Grid has provided utilities and corporate clients with reliable clean energy. We are actively developing a growing portfolio of approximately 13,000 megawatts of solar PV and 7,000 megawatts of co-located and stand-alone energy storage, throughout 12 states in support of America’s transition to clean, sustainable power. To learn more, please visit www.UrbanGridSolar.com.


Urban Grid is a Brookfield Renewable company. Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms.

Media Contact: Urban Grid: Val Newcomb: (434) 422-5679, [email protected]

Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements can be identified by the use of words such as “will”, “expected”, “intend”, “potential”, “can” or variations of such words and phrases. Forward-looking statements in this news release include statements regarding the parties’ future expectations, beliefs, plans, objectives, financial condition, assumptions or future events or performance, including with respect to the development of Urban Grid’s pipeline and the ability of the parties to optimize value of that pipeline. Although Brookfield Renewable believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, no assurance is given that such expectations will prove to have been correct. The reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors, including the ability of the parties to realize the expected benefits of the acquisition of Urban Grid, which may cause the actual results, performance or achievements of Brookfield Renewable to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Except as required by law, Brookfield Renewable does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise.

Urban Grid Closes $275M Debt Refinance Provided By Crayhill Capital Management

Expansion of the Company’s Credit lines Facilitates Growth and Enables Efficient Deployment Capital in US solar sector

RICHMOND, Va., Oct. 12, 2021 – Urban Grid, one of the largest U.S. greenfield renewable energy project developers, announced today that it has expanded and extended its partnership with Crayhill Capital Management, a New York-based, minority-owned private credit manager focused on asset-based investments in the renewable energy sector.

 

The financing provides Urban Grid with $275M of flexible, efficient capital that will be deployed to advance projects into the construction phase and continue the scale up of Urban Grid’s solar and energy storage platform.

 

“Since 2019, our partnership with Crayhill Capital Management has enabled the growth and supported select project monetizations of our solar PV and energy storage pipeline,” said Frank DePew, Urban Grid Founder & CEO. “Access to this highly flexible capital enables our team to take projects through final development and into operations, across multiple regions, benefiting the surrounding clean power economy while enhancing the value of our entire platform.”

 

Today, the Urban Grid project pipeline includes 12.7 GWDC of PV and 3.7 GWAC of co-located and stand-alone energy storage.

 

“Crayhill is excited to continue its partnership with the Urban Grid team and support the growth and development of its business,” said Josh Eaton, Managing Partner of Crayhill Capital. “The demand for high-quality solar projects continues to be robust and Urban Grid is positioned to extend its leadership role in U.S. utility-scale solar and storage development. We continue to be enthusiastic about leveraging our expertise in greenfield solar project financing to aid in the global energy transition.”

 

In the past 2+ years, Urban Grid has efficiently expanded its team to over 60 people, deepening its in-house development, engineering and project origination expertise and built proprietary technology across the platform. The continuation of the Urban Grid and Crayhill partnership is significant and reinforces the firm’s capabilities – to efficiently and profitably deploy capital ­– as it readies to deploy at least 8 GW of clean power over the next five years.

 

About Urban Grid
Urban Grid is a utility scale renewable energy project developer, with over a decade of expertise in taking solar and energy storage projects through the full development process, from site acquisition through interconnection, permitting, offtake execution and project exit. Headquartered in Richmond, Virginia–with teams located strategically throughout the United States–Urban Grid has provided utilities and corporate clients with reliable clean energy. We are actively developing a growing portfolio of over 12.7 GWDC solar PV and 3.7GWAC of co-located / stand-alone energy storage, throughout 12 states in support of America’s transition to clean, sustainable power. To learn more, please visit UrbanGridSolar.com.

 

About Crayhill Capital Management
Crayhill Capital Management is a New York-based, minority-owned alternative asset management firm that specializes in asset-based investment opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets. For more information, please visit https://crayhill.com or email [email protected]. 

 

Media inquiries:

Val Newcomb, AVP Marketing & Communications

(434) 422-5679

[email protected]

 

Crayhill Media Contacts:

Josh Clarkson / Nick Rust / Andrew Chironna

Prosek Partners

[email protected] / [email protected] / [email protected]

URBAN GRID RECEIVES PERMIT BY RULE FOR FOXGLOVE SOLAR PROJECT

Richmond, Va., August 18, 2021 – Urban Grid, a utility scale solar and storage company known for its strategic delivery of high-quality renewables projects, announced the Permit by Rule approval for Foxglove Solar, LLC by the Virginia Department of Environmental Quality (DEQ). The 75 MWAC solar project in Frederick County, Virginia, underwent DEQ’s , comprehensive and multi-agency review process and will now enter the final phase of pre-construction development. “Urban Grid is excited to receive Department of Environmental Quality approval for another Virginia solar project. We thank our landowners, partners and all project stakeholders and are pleased to be able to continue to contribute to Virginia’s clean energy goals established by the Virginia Clean Economy Act,” said James Crawford, VP Development for Urban Grid.

Urban Grid Closes $100 Million Senior Secured Term Loan Facility Provided by Crayhill Capital Management

Richmond, VA, September 5, 2019 – Urban Grid, a leading developer of solar projects throughout the United States, today announced that it has closed a senior secured term loan facility (the “Facility”) for up to $100 million with Crayhill Capital Management LP (“Crayhill”), a New York-based private credit manager and asset-based lender.

The Facility is backed by and will finance the late-stage development of more than 5 GWp of utility-scale solar projects under development by Urban Grid. The Facility is designed to finance the significant capital expenditures required by projects prior to construction. Urban Grid has a successful track record of delivering quality solar projects, including two recent projects purchased by Dominion Energy that provide over 340 MWp of renewable power to a new datacenter in Virginia operated by Facebook.

“The capital solution provided by Crayhill, coupled with their deep experience in utility-scale solar development and financing, will allow us to expand, build and monetize our development portfolio,” said Frank Depew, CEO of Urban Grid. “This facility allows our growing team of solar development experts to focus exclusively on delivering high-quality solar projects to our institutional clients.”

“Crayhill is excited to partner with Urban Grid’s experienced team to finance its development portfolio and fuel the next evolution of its growth strategy,” said Josh Eaton, Managing Partner of Crayhill Capital. “Strong demand for solar assets from institutional investors, along with government tax incentives scheduled to be phased out over the next few years, create a favorable environment to provide bridge capital solutions for entire solar development portfolios. Crayhill’s expertise in providing asset-based capital solutions, combined with our extensive experience in solar project financing, is well suited to help Urban Grid successfully scale its business.”

“Raising significant capital from Crayhill further validates Urban Grid’s vision of powering U.S. states through sustainable solar energy developments,” said Mark Jones, CEO for PP Asset Management, a significant investor in Urban Grid. “It enables scaling of our development platform from PJM centric states into new service territories. Following a successful relationship with the Crayhill team in the UK, we are excited these prestigious investors believe in Urban Grid’s credentials, capability and our collective commitment to be the leading U.S. solar developer.”

About Urban Grid

Urban Grid is a leading developer of utility-scale solar power plants. Founded in Richmond, Virginia, in 2011, with offices in Virginia, Washington, DC, and Maryland, Urban Grid has completed the development of approximately 400 MWp of solar projects and currently has more than 5 GWp of solar projects under development. Our team has a proven track record of delivering solar energy solutions for corporate, utility, and municipal clients to meet their sustainability and renewable energy goals. www.urbangridco.com

About PP Asset Management

PP Asset Management is family-owned investment company based in London. We specialize in providing early-stage private equity capital financing to sophisticated renewable energy developers. Following a successful launch into subsidized U.K. solar in 2010, we have since backed solar development teams in the Republic of Ireland (JBM Solar), USA (Urban Grid) and into zero-subsidy solar in the U.K. (JBM U.K.). For more information, please contact www.ppassetmanagement.com or e-mail Adam Swarbrick at [email protected].
About Crayhill Capital Management

Crayhill Capital Management LP is a New York-based alternative asset management firm that specializes in asset-based private credit opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets. For more information, please visit www.crayhill.com or email [email protected].

Crayhill Capital Management Media Contact:
Zach Kouwe – Dukas Linden Public Relations
646-808-3665
[email protected]

Urban Grid Media Contact:
Leah Garvey
866-256-0912
[email protected]

Urban Grid announces NextEnergy Capital’s acquisition of approximately 46MWp of solar projects in Virginia

RICHMOND, Va., April 25, 2019 /PRNewswire/ — Urban Grid, a leading developer of solar projects throughout the United States, is pleased to announce that NextEnergy Capital through their fund NextPower III, has acquired two of our solar development projects, totaling approximately 46MWp/34MWac, in Henrico County and Westmoreland County, VA.

The two solar projects, Briel Farm Solar (28MWp/20MWac) and Gardy’s Mill Solar (18MWp/14MWac), will cover approximately 300 acres and generate electricity equivalent to the consumption of 9,785 homes.

These two projects represent NextEnergy Capital’s first utility-scale solar venture in the United States for their new fund, NextPower III.

The estimated $40m construction cost of the two projects will generate over 120 jobs. Construction will commence immediately with the projects expected to reach commercial operation by March 2020. The solar projects will provide direct and indirect economic benefits to the Commonwealth of Virginia of approximately $21m and will offset approximately 123,706,737 pounds of CO2 annually.

Frank DePew, President of Urban Grid commented “Urban Grid is excited to announce the acquisitions of these two projects by NextEnergy. Our team members successfully partnered previously with NextEnergy on several solar projects in the UK and we are pleased to continue that relationship with the sale of Briel Farm Solar and Gardy’s Mill Solar, facilitating NextEnergy’s expansion into the US market. Urban Grid looks forward to continuing to bring exceptional development projects and economic benefits to the Commonwealth of Virginia. We are grateful to the many individuals that made these projects possible, especially those at Henrico County and Westmoreland County for their support and cooperation throughout the development process.”

Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Capital highlighted “We are very pleased to announce NextPower III’s first investments in the US solar market, where we expect to grow significantly in short order.  We are also looking forward to strengthening the partnership with Urban Grid and developing our relationships within the local communities and institutions.  Our track record of fostering mutually beneficial relationships in the communities in which we operate is something we are particularly proud of.”

About Urban Grid
Urban Grid is a leading developer of utility-scale solar power plants. Founded in Richmond, Virginia, in 2011, with offices in Virginia, Washington, DC, and Maryland, Urban Grid has completed the development of approximately 646 MWp of solar projects and currently has more than 5,600 MWp of solar projects under development. Our team has a proven track record of delivering solar energy solutions for corporate, utility, and municipal clients to meet their sustainability and renewable energy goals.  www.urbangridco.com

About NextEnergy Capital
NextEnergy Capital (“NEC”) Group is one of the leading international investment and asset managers focused on the solar sector. Founded in 2007, NEC has over 140 employees across five offices, including London, Milan, Hyderabad, Luxembourg and Guernsey. Since inception it has acquired over 150 solar assets and NextEnergy Capital Limited currently manages c.$1.5 billion worth of solar investments.

NextPower III is a private equity fund established to invest in the international solar sector, specifically to fund the construction and long-term ownership of solar power plants. NextPower III’s target markets comprise mainly OECD and OECD Key Partner countries. It has initial commitments of c.US$160m, secured at its first close in November 2018, and a target size of US$750m. In the UK, the NextEnergy Solar Fund (NESF) is listed on the London Stock Exchange and is the largest listed solar infrastructure company in Europe.  It has invested over £894 million into operating solar assets, amassing a portfolio of 87 operational sites, with a total capacity of 691MW. Of the 87 sites, 7 are in Italy and there are 3 portfolios of UK rooftop assets.’