Prudential Private Capital invests $31.6M in Kendall Sustainable Infrastructure
DALLAS, November 30, 2021 – Prudential Private Capital provided $31.6M of Senior Secured Notes and a $3.0M unfunded revolver to Kendall Sustainable Infrastructure, an established fund based developer, owner, and operator of distributed generation solar projects. The transaction will finance a diversified portfolio across 19 project companies, with a concentration of value located in New York. Prudential Private Capital is a leading source of private debt for public and private companies and is the private capital arm of PGIM, the $1.4trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
“We are proud to support Kendall Sustainable Infrastructure (“KSI”) in their efforts to provide clean and renewable energy to customers in New York. The Company is a key proponent for New York’s transition to renewable energy through their support of the Value of Distributed Energy Resources (“VDER”) program,” said Ingrida Soldatova, Senior Vice President of Prudential Private Capital’s Real Assets – Power Group.
KSI provides financing to build renewable energy assets, which enable projects to transition into operating assets that benefit communities and the environment. KSI is an independent firm that has spent nearly a decade financing the distributed sustainable infrastructure transition, placing an emphasis on strong relationships with local partners. The Company is active nationally and provides development and take out capital as well as late stage development services.
"We are pleased to be a part of New York’s transition to renewable energy and a low emission economy through Value of Distributed Energy Resources program.” - Ingrida Soldatova Senior Vice President, Real Assets – Power, Prudential Private Capital
“We look forward to our long-term partnership with KSI and supporting the Company’s growth of solar projects and commitment to a low emission economy,” added Soldatova.
"It is an honor to work with an organization like Prudential who understands our distinctive value proposition in the industry, and who shares our enthusiasm for creating a cleaner and more resilient energy future," said John Chaimanis, Co-Founder and Managing Director of Kendall Sustainable Infrastructure. "Our mission at KSI is to change the way power is generated and sold while building stronger local businesses and communities. Working with an aligned partner like Prudential will help to accelerate our growth in this rapidly expanding market."
About Kendall Sustainable Infrastructure
Kendall Sustainable Infrastructure, LLC (“KSI”) is dedicated to building and owning sustainable, long-lived assets, including solar, water, and other infrastructure projects. We believe that changing the way people get electricity and manage water can be done more resiliently and cleanly. Doing this improves the quality of life for all us. We believe that by empowering local companies through the provision of finance and a problem solving mindset that we can deliver these very heavily demanded solutions. The companies that we empower will grow, their communities will get stronger, and we can produce attractive returns to our investors. KSI provides capital to local developers and EPC contractors during development and at project takeout. For more information about collaborating on projects or our investment program, please visit https://kendallsustainableinfrastructure.com.
About Prudential Private Capital
For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of $100.9 billion for our partners. All data as of September 30, 2021. For more information, please visit prudentialprivatecapital.com.