Prudential Capital Group Provides CAD$195 Million for Solar Energy Initiatives to Penn Energy
Dallas, TX – March 12, 2018 – Prudential Capital Group, a leading source of private capital for public and private companies, today announced it has provided CAD$195 million in financing to Penn Energy Renewables Ltd. (Penn Energy) a solar farm developer, owner and operator based in Toronto, Ontario. Prudential Capital Group is the private capital arm of PGIM, the $1.2 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
The refinancing, consisting of senior secured notes, has replaced project-level lender debt at five of Penn Energy’s Ontario operating solar projects with the proceeds of a single private placement.
“Prudential Capital Group is a great long-term partner. We look forward to continuing our relationship in the years ahead,” said Sean McCloskey, CEO, Penn Energy.
In 2017, Prudential Capital Group invested more than $550 million in solar projects, more than double compared to $245 million in 2016.
“Investing in solar and renewable energy projects is an important part of our energy financing business” said Wendy Carlson, Managing Director, Prudential Capital Group. “We are excited to partner with Penn Energy as they continue to oversee high-quality, sustainable solar farms and provide clean energy to the Toronto-area.”
About Prudential Capital Group
Prudential Capital Group is the private capital investment arm of PGIM, the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE:PRU). Prudential Capital Group has been a leading provider of private placements, mezzanine debt and equity, to companies for more than 75 years. Managing a portfolio of more than $82 billion as of December 31, 2017, Prudential Capital offers senior debt, mezzanine financing, leveraged leases, project financing, credit tenant leases as well as asset financing to companies, worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Milan, Minneapolis, Newark, New York, Paris, San Francisco and Sydney.* For more information, please visit prudentialcapitalgroup.com.
*Operates through PGIM (Australia) Pty Ltd.
About Penn Energy Renewables Ltd.
Penn Energy Renewables Ltd. is the Canadian member of the Penn Group of Companies which is headquartered just outside of Philadelphia, Pennsylvania. Penn actively develops, acquires, operates and invests in utility-scale solar farms and other renewable energy assets. The firm is a long-term investor and has real estate, mineral and energy holdings in various U.S. states and Canada. For more information, visit www.penngroup.net.