Universal Kraft secures grid access funds for 1.7GW Alberta PV capacity

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Power lines in California, US.
The credit facility was provided by US financial firm Crayhill Capital Management. Image: GettyImages

Canadian renewable energy developer Universal Kraft Canada Renewables has secured a US$15 million credit facility to support the development of a 1.7GW solar PV portfolio across the state of Alberta.

The credit facility – which is expandable up to US$50 million – was provided by US financial firm Crayhill Capital Management.

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Shweta Kapadia, managing director at Crayhill said: “The financing demonstrates the need for bespoke capital solutions to support the development of renewable projects with benefits for investors, developers, local businesses and other stakeholders.”

Universal Kraft said it would aid in its Generator Unit Owner Contribution (GUOC) obligations mandated by the state of Alberta. The GUOC is a one-time payment that the owner of a power generation asset must make to the Alberta Electric System Operator (AESO) and which is repaid over time based on project size, location and performance. It is intended to incentivise building energy generation near existing transmission capacity.

In December, the Canadian government issued a directive to the AESO proposing to replace the GUOC with a non-refundable Transmission Reinforcement Payment (TRP) which will be based on a project’s proximity to transmission infrastructure and its “technical attributes and characteristics” – which law firm Bennett Jones LLP said could feasibly pertain to whether a project is a renewable energy project or not.

Following reports of insufficient grid infrastructure across rural parts of Canada, the central government announced a roughly US$360 million investment in grid resilience and clean power deployment measures.

Universal Kraft Canada Renewables is a joint venture between Universal Kraft and Korkia, a Finland-headquartered renewable energy investor.

25 November 2025
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Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

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