KDC Solar announces closing of 5.5 MW solar power project
NOVEMBER 20, 2018 KDC SOLAR
KDC Solar, a leading developer, owner, and operator of solar power facilities has announced the commencement of construction on a 5.5 megawatt solar power system located in the Bridgeton and Fairfield Townships, New Jersey. The solar project will supply electricity to the adjacent Ardagh Group glass manufacturing facility, producing approximately 7.5 million kilowatt hours of renewable electricity in its first year.
“Ardagh Group is delighted to collaborate with KDC Solar on this renewable project,” said Bertrand Paulet, President and CEO of Ardagh Group’s North American Glass division. “Upon completion, our Bridgeton facility will benefit from cleaner, more cost-efficient energy, consistent with Ardagh Group’s objective of delivering fully recyclable, sustainable packaging solutions to our customers.”
Alan Epstein, President and CEO of KDC Solar said, “We are excited to support the Ardagh Group in its quest to obtain competitively priced clean electricity for its operations. We look forward to a long relationship with this global leader in packaging solutions.”
Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility. Development capital and project equity were arranged by GoldenSet Capital Partners in its role as sub-advisor to the North Sky Capital Alliance Fund II.
“This represents our second project with KDC Solar in New Jersey. Alan and the KDC team are experienced developers and we look forward to further expanding our project portfolio with them” said Everett Smith, Managing Partner of GoldenSet Capital. “The KDC Solar team has a deep understanding of energy project development and finance making them an ideal partner for us” adds Rob Pryor, Principal, GoldenSet Capital.
“We’re delighted to have provided the financing for another large net metered solar project with KDC Solar and GoldenSet Capital,” said Bob Banks, CEO of Seminole Financial Services. “Repeat business is a tenet of our organizational philosophy and this execution proved to be extremely efficient. We look forward to many more successful projects together.”
About KDC SOLAR
KDC Solar develops, owns and operates solar power projects providing commercial, industrials and governments with significantly lower long-term electric costs through solar power. KDC Solar was initially 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 billionof committed capital under management. KDC currently owns and operates more than 76 megawatts of solar facilities at 15 different locations and is constructing and permitting more than 70 megawatts of solar projects. For more information, visit www.kdcsolar.com.
About ARDAGH GROUP
Ardagh Group is a global leader in glass and metal packaging solutions, producing packaging for most of the world’s leading food, beverage and consumer brands. We operate more than 100 facilities in 22 countries, employ approximately 23,000 people and have global sales of approximately $8.6 billion. For more information, visit www.ardaghgroup.com
About GOLDENSET CAPITAL PARTNERS
GoldenSet Capital Partners, based in Stamford CT, focuses on investments in the sustainable infrastructure sector. It acts as a sub-advisor to Alliance Fund II and invests project finance equity and structured capital in projects and companies in the United States and Canada. For more information, visit www.goldensetcapital.com
About NORTH SKY CAPITAL LLC
North Sky Capital is a registered investment adviser and a leader in impact investing with $1.2 billion in committed capital across its various funds. North Sky was established in 2000 and is based in Minneapolis, MN and New York, NY. For more information, visit www.northskycapital.com
ABOUT SEMINOLE FINANCIAL SERVICES
Since 2009, Seminole has committed more than $1.5 billion in construction and permanent debt financing plus tax credit equity for more than 190 solar and wind installations throughout the continental U.S. and Hawaii, for the equivalent of over 850 MW in installed capacity. Seminole Financial Services, LLC is the operating entity for the six companies that collectively make up The Seminole Companies. For more information about The Seminole Companies please visit our website at www.seminolefinancialservices.com