US independent power producer (IPP) Walden Renewables Development has closed a US$250 million revolving development capital financing facility with Crayhill Capital Management for its utility-scale solar PV and battery energy storage system (BESS) portfolio across the US.
The financing will be used to fund the continued development and construction of Walden’s 5GW pipeline of solar PV and energy storage projects spanning several major US power markets, including Pennsylvania–New Jersey–Maryland Interconnection (PJM), Midcontinent Independent System Operator (MISO), Southwest Power Pool (SPP), Independent System Operator New England (ISO-NE) and Southern Company (SOCO) territories.
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“Closing this facility marks a major milestone for Walden,” said Henry Weitzner, CEO and co‑founder of Walden Renewables.
“Partnering with Crayhill accelerates our ability to build an industry‑leading integrated development/IPP platform. Crayhill’s sector expertise, capital strength and commitment to growing companies will be instrumental as we scale our pipeline. This funding enables us to capitalize on the burgeoning demand for new energy sources across the US by delivering projects tailored to evolving regional needs.”
According to the company, proceeds from the revolving facility will support projects at both the pre-notice to proceed (pre-NTP) and post-notice to proceed (post-NTP) stages, providing capital across different phases of project development and execution.
The financing is intended to support Walden’s integrated development model as the company continues to expand its IPP strategy.
Crayhill Capital Management is a private investment firm that provides structured credit and development capital for energy infrastructure projects. The firm has financed more than 17GW of utility-scale solar, wind and battery energy storage projects in the US.
Its renewable energy portfolio includes a development financing facility of up to US$200 million for AMPYR Energy USA’s solar and storage pipeline, a senior secured term loan for Urban Grid’s 5GWp solar portfolio, backing for Sunraycer Renewables‘ 620MWdc solar and 477MWh BESS portfolio in Texas, and a US$300 million joint venture with Monarch Private Capital targeting tax equity and tax credit transfer investments.
