Hudson Clean Energy Partners Closes $90M in Follow-on Financing
Partners support portfolio companies' growth in global renewable energy markets
TEANECK, N.J.—Hudson Clean Energy ("Hudson") announced today that it has closed a $90 million credit facility for its flagship fund. The follow-on financing, underwritten by an existing limited partner, will be used to support select Hudson portfolio companies as each enters a new phase of development. Moelis & Company, LLC, serves as the syndication agent for the transaction, and Pepper Hamilton LLP served as legal advisor.
Funds will be distributed among three portfolio companies:
• Element Power Holdings, L.P., a renewable energy developer that acquires, builds, owns and operates a portfolio of wind and solar power generation facilities worldwide, to help the company expand its reach in Northern Europe;
• Silicor Materials, Inc., the leading manufacturer of high-quality solar silicon, to assist in the financial close of its first large-scale production facility in Iceland;
• SoloPower Systems, Inc., a company specializing in the design, manufacture and deployment of CIGS flexible thin-film solar modules, to accelerate growth and strengthen operations at its manufacturing plant in Portland, Oregon.
"From major market expansions to building world-class new facilities, we have seen tremendous progress across these companies and are confident each will thrive in the coming years," said Neil Auerbach, CEO of Hudson. "The continued support our partners have shown for clean energy innovators like Element Power, Silicor Materials and SoloPower is a testament to Hudson's track record of building tomorrow's industry leaders."
"We believe that our commitment to these three portfolio companies is bearing fruit, as each organization is exploiting profitable opportunities that merit the deployment of expansion capital," said John Cavalier, Hudson's Chairman. "The challenges each company successfully overcame have only made them stronger competitors in their respective markets."
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