KeyBanc Capital Markets – the corporate and investment banking arm of Cleveland-based KeyCorp – recently arranged $42.4 million in senior credit facilities for a solar portfolio on behalf of True Green Capital Management LLC, an institutional asset manager focused on investments in distributed, commercial PV solar projects in the U.S.
Alongside KeyBanc, California-based East West Bank provided a significant commitment to the transaction.
The 26.4 MW portfolio consists of five individual solar generation facilities in Massachusetts and New Jersey. Three projects are located in Massachusetts and achieved operational status between the third quarter of 2013 and fourth quarter of 2014. The remaining two projects, located in New Jersey, are expected to achieve commercial operations by year-end 2016.
The credit facilities consist of a $15.2 million term loan, an $8.4 million construction term loan, a $14.4 million tax equity bridge loan and a total of $4.4 million in line of credit facilities. KeyBanc Capital Markets acted as sole lead arranger, administrative agent and collateral agent on the transaction.