Universal Kraft Canada Renewables Secures $15 Million Credit Facility to Power Alberta's Solar Boom

Universal Kraft Canada Renewables, a joint venture between Korkia and Universal Kraft, has secured a significant $15 million credit facility, expandable to $50 million, from American asset-based lender Crayhill Capital Management. This financial backing is set to accelerate the development of the company's substantial 1.7 GW solar energy projects in Alberta, Canada.

Fueling Alberta's Solar Future

This strategic financial move by Universal Kraft Canada Renewables is designed to support the Generator Unit Owner Contribution (GUOC) requirements for its solar energy development pipeline in Alberta. The GUOC is a refundable payment to the Alberta Electric System Operator (AESO), incentivizing the construction of generation facilities near existing transmission infrastructure.

• Key Takeaways:$15 million initial credit facility, expandable to $50 million.Financing secured from Crayhill Capital Management.Aims to advance Universal Kraft Canada Renewables' 1.7 GW solar project portfolio in Alberta.Supports Generator Unit Owner Contribution (GUOC) requirements.

Strategic Partnership for Growth

Daniela Louback, responsible for Canadian Business Development at Universal Kraft, expressed confidence that the credit facility validates their development work and portfolio, ensuring interconnection for their advanced projects. Kristina Sweet, Canadian Country Manager for Korkia, highlighted the company's capabilities in bringing innovative solutions to market amidst significant industry reforms, emphasizing that Crayhill's support will accelerate project development and bolster their contribution to Alberta's renewable energy sector.

Shweta Kapadia, Managing Director at Crayhill, stated that the financing demonstrates the need for tailored capital solutions to support renewable projects, benefiting investors, developers, and local businesses. Crayhill is positioned to address these financing gaps globally as the demand for renewable energy continues to surge.

About the Companies

• Korkia: An accelerator of the energy transition, Korkia partners with asset developers, owners, and investors to bring renewable energy and energy storage to market. They operate globally, focusing on utility-scale renewable energy projects.

• Universal Kraft: With over two decades of experience, Universal Kraft manages the entire project lifecycle for renewable energy, from concept to operation. They are developing over 6 GW of power projects with an additional 9 GW pipeline across various regions and technologies.

• Crayhill Capital Management LP: A New York-based alternative investment management firm specializing in asset-based investment opportunities, providing tailored financing structures through deep sector expertise.

Sources

• Universal Kraft Canada Renewables secures USD 15 million credit facility for solar energy development, PR Newswire Canada.

• Universal Kraft Canada Renewables Secures $15M Credit Facility for Solar Energy Development, renewableenergymagazine.com.