Kendall Sustainable Infrastructure, LLC (“KSI”) announced that it has closed on a $27 million back-leverage refinancing of 40 solar projects that it owns and operates in Vermont, California and New York. The solar projects were built between 2015 and 2018 and provide clean energy and meaningful savings to a variety of schools, municipalities, utilities and community members. All projects are held in Kendall Sustainable Infrastructure I, L.P., a fund managed by KSI.
“We were pleased with the attractive terms of the refinancing,” said Managing Director Ken Lehman. “We built a portfolio with great performance and great off-takers and we are glad to now match it with a strong refinancing package.”
The refinancing reflects the progress that solar has made. “Years ahead of the current energy transition, we began working on building and operating sustainable infrastructure projects that meet fundamental needs, help their communities and provide solid returns for the investors who back them,” said John Chaimanis, Managing Director. “This refinancing is additional validation that the world is transitioning to more sustainable infrastructure.”
KSI II is actively being deployed, and it is expected that KSI III will be available in the coming months.