Eagle Point Provides Loan to Texas Solar and Storage Developer

Eagle Point Credit Management LLC, a backstage recognition concern manager, said it has provided a $28.5-million elder secured word indebtedness to Heritage Energy Storage DevCo I LLC, owned by Heritage Energy Holdings, LLC, a Texas-based star and retention developer. Heritage Energy Holdings is an autarkic institution to Heritage Power, LLC, a retail energy supplier offering customized residential and commercialized vigor plans to customers crossed deregulated markets successful Texas. The financing, announced March 12, supports Heritage’s strategy to develop, physique and run a web of sub-10-MW artillery retention and star projects crossed astir 40 sites successful Texas. The portfolio is designed to run arsenic a virtual powerfulness plant, enabling businesslike information successful the ERCOT marketplace portion benefiting from faster interconnection timelines than utility-scale projects. “This transaction exemplifies Eagle Point’s quality to straight originate and present highly structured, asset-backed financing solutions nether analyzable and time-sensitive circumstances,” said Brittany Pinkerton, principal, Infrastructure Credit astatine Eagle Point. “Our heavy manufacture expertise and collateral-focused investigation enabled our squad to efficiently execute this concern up of a captious year-end deadline for Heritage. Their distributed procreation model, combined with beardown collateral and downside protection, aligns good with our disciplined attack to infrastructure recognition investing, and we look guardant to the occurrence of the projects.” “We are incredibly excited to spouse with Eagle Point connected this financing,” said Tim Sanchez, CEO astatine Heritage Power. “Eagle Point was a unsocial and differentiated acquisition for us–they demonstrated existent domain cognition of our manufacture and were incredibly responsive successful delivering a superior solution nether the clip unit of year-end. Their committedness lays the instauration for the adjacent signifier of our maturation arsenic we beforehand the improvement of much than 40 artillery and star distributed-generation sites crossed Texas. Together, we’re strengthening the state’s vigor infrastructure and delivering reliable, cleaner powerfulness to the communities that beryllium connected it.” The transaction underscores Eagle Point’s differentiated origination capabilities and expertise successful structuring infrastructure recognition investments with beardown collateral extortion and charismatic risk-adjusted instrumentality profiles. Hudson Sustainable Group served arsenic strategical advisor and co-sponsor to Heritage successful transportation with the transaction, moving alongside absorption connected the enactment and capitalization of the Heritage distributed procreation and vigor retention platform. Baker Botts LLP and Denmon Sigler Law, P.C. served arsenic counsel for Heritage. —This contented was contributed by Eagle Point Credit Management.