KDC Solar Closes $70 Million Revolving Construction Facility with Prudential Capital Group
BEDMINSTER, N.J., Dec. 13, 2011 /PRNewswire/ -- KDC Solar LLC ("KDC Solar"), headquartered in Bedminster, New Jersey through a wholly owned subsidiary, closed a Senior Secured Revolving Credit Facility with Prudential Capital Group, a division of Prudential Financial Inc. (NYSE:PRU). The transaction consisted of the private placement by Prudential Capital Group of a total of $70 Million of floating rate promissory notes. The note proceeds will be used for the construction of various behind-the-meter solar projects in New Jersey. The facility is structured to be able to finance construction of multiple projects simultaneously as well as to re-use the facility for new projects following repayment of construction loans for individual projects.
"This was a unique and exciting transaction for us as an active solar energy sector participant," said Ric Abel, Managing Director of Electric Finance Group, Prudential Capital Group. "We are proud to partner with KDC Solar and look forward to its successful development of solar projects throughout New Jersey."
"The completion of this financing adds another pillar to our already strong capital base. We appreciate Prudential Capital Group's confidence in KDC Solar's team and our ability to build, own and operate solar projects that provide lower cost clean electricity," said Hal Kamine, KDC Solar's CEO. "Coupled with our $225 million equity commitment from Diamond Castle, we're further poised to execute upon our commitment to 'behind-the-meter' solar power systems for businesses,governments and institutions in New Jersey, which in turn creates or preserves long-term jobs for New Jersey."
KDC Solar LLC was represented by McCarter & English, LLP and Prudential Capital Group was represented by Bingham McCutchen LLP.
About KDC Solar LLC
KDC Solar is the successor company to Kamine Development Corp, established in 1985 and which developed, constructed, owned, and operated co-generation natural gas fired power plants. KDC Solar is supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more than $1.8 billion of committed capital under management. KDC Solar has more than 50 MWs of "behind the meter" solar projects at businesses and institutions in various stages of construction throughout New Jersey and expects to have more 12 MWs in operation by January 1, 2012. For more information, visit www.kdcsolar.com.
KDC Solar LLC
Alan M. Epstein
Phone: (908) 212-3621
Email: [email protected]
About Prudential Capital Group
Prudential Capital Group has been a leading provider of private debt, mezzanine and equity securities to middle market companies worldwide for more than 70 years. Prudential Capital manages a portfolio of more than $60 billion (as of September 30, 2011), and is one of the world's largest providers of private placements. Prudential Capital Group is an investment business of Prudential Financial Inc. (NYSE: PRU).
SOURCE KDC Solar LLC
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