ENERGY & INFRASTRUCTURE CAPITAL, LLC AGENTS FINANCING FOR CORONAL GROUP'S 35 MW AVALON SOLAR PROJECT IN ARIZONA
Energy & Infrastructure Capital, LLC ("EIC"), announced today that it has arranged a credit facility for Coronal Group LLC's ("Coronal") 35 MW Avalon Solar Project in Pima County, Arizona, which started producing power in December 2014.
STAMFORD, CT, JANUARY 8, 2015 – Energy & Infrastructure Capital, LLC ("EIC"), announced today that it has arranged a credit facility for Coronal Group LLC's ("Coronal") 35 MW Avalon Solar Project in Pima County, Arizona, which started producing power in December 2014. EIC is the agent of the credit facility, which is comprised of a holding company term loan supporting the utility solar energy project. Panasonic Enterprise Solutions Company ("Panasonic"), a division of Panasonic Corporation of North America, is providing the project's O&M services.
"We are very pleased to be able to support the Coronal-Panasonic team's strategic collaboration to develop a premier solar facility in one of the best solar resource regions of the United States," said Jerry Polacek, CEO of EIC. "This is an exciting alliance between Coronal and Panasonic and we look forward to continuing to support their development."
"The Avalon Solar Project underscores the efficacy of the Coronal-Panasonic renewable energy platform for utility markets," said Jonathan Jaffrey, CEO and Managing Director of Coronal. "We are delighted that EIC joined our team as a funding partner for the project, and we anticipate that it will be the first of many transactions we will complete together."
EIC's direct lending business spans three segments including power and renewables, oil and gas, and infrastructure. Since forming the business in April 2014, EIC has invested over $100 million of capital across solar, gas-fired electricity generation and oil and gas projects through construction and term debt offerings.
About Energy & Infrastructure Capital, LLC
Energy & Infrastructure Capital, an affiliate of Harbinger Group Inc. (NYSE: HRG), is building a premier debt capital investment manager specializing in the global energy and infrastructure sectors. EIC brings together capital, domain expertise, and investment experience to structure customized financing solutions. EIC aligns itself with strong sponsors and proven developers to add significant value to their businesses by providing an attractive breadth of products and efficient execution even in complex situations. For additional information, please visit www.eicapital.com.