CALGARY, AB, Feb. 11, 2025 /PRNewswire/ — Universal Kraft Canada Renewables, a joint venture between Korkia and Universal Kraft, announced a USD 15 million initial commitment credit facility, expandable to up to USD 50 million, with American asset-based lender Crayhill Capital Management.
As one of the largest renewable energy developers in Alberta, Universal Kraft Canada Renewables is poised to leverage this debt facility to bring its ambitious 1.7 GW of solar energy projects to operational status.
“The successful closing of this transaction validates the quality of our development work and portfolio, ensuring interconnection for our advanced projects. This achievement supports our portfolio’s growth and strategically positions us to meet the anticipated rise in renewable energy demand once we get past the market reforms,” said Daniela Louback, responsible for the Canadian Business Development at Universal Kraft.
The credit facility will be used to support Universal Kraft Canada Renewables’ Generator Unit Owner Contribution (GUOC) requirements related to solar energy development in Alberta, Canada.
“This strategic move underscores the company’s deep capabilities to bring meaningful and innovative solutions to market amidst a backdrop of significant reforms,” said Kristina Sweet, Canadian Country Manager for Korkia. “With Crayhill’s support, we are well-positioned to accelerate the development of our projects, further cementing our contribution to Alberta’s renewable energy market.”
“We are pleased to provide this credit facility to Universal Kraft Canada Renewables as they advance the development of their solar energy projects in Alberta,” said Shweta Kapadia, Managing Director at Crayhill. “The financing demonstrates the need for bespoke capital solutions to support the development of renewable projects with benefits for investors, developers, local businesses and other stakeholders. Crayhill is well-positioned to fill these financing gaps in projects around the globe as demand for renewable energy continues to significantly grow.”
The GUOC, used in the Alberta electricity market, is a refundable payment to the Alberta Electric System Operator (AESO) required from the owner of a generating unit or aggregated generation facility. The purpose of the GUOC is to incentivize power generation construction near existing transmission capacity, and it is refunded over time based on generator size, location and performance.
For more information, please contact:
Kristina Sweet, Country Manager, Canada, Korkia
+358 44 3034 203, kristina.sweet@korkia.fi
Daniela Louback, Business Developer, Universal Kraft
+351 964 299 505, daniela.louback@universalkraft.com
Crayhill media contacts: Josh Clarkson / Jake Forrestal
Prosek Partners
About Korkia
Korkia is an accelerator of the energy transition. We are the preferred partner for asset developers, owners and investors, throughout the value chain. Our mission is to bring renewable megawatts to the market to ensure that future generations have an economically prosperous and sustainable world to live in. We develop utility-scale renewable energy and energy storage together with project developers around the world. Currently we operate in Europe, North America and South America – but we are only getting started.
About Universal Kraft
Universal Kraft is driving the future of renewable energy by bringing over two decades of expertise to every stage of the project lifecycle—from initial concept to full operation. We are a trusted partner for developers, investors, and clients, taking projects from greenfield ideas to bankable assets across the energy value chain. With a focus on sustainable energy solutions, Universal Kraft is developing over 6 GW of power projects with a pipeline of a further 9 GW across Scandinavia, Europe, North and South America, delivering renewable energy solutions tailored to meet the needs of diverse markets. From wind and solar to battery storage, compressed air storage, green hydrogen, and ammonia, we are advancing a green power mix that addresses production, energy and price efficiency. Our mission is to combine commercial growth with positive social and environmental benefits, creating a meaningful difference and promoting a sustainable future.
About Crayhill Capital Management LP
Crayhill Capital Management LP is a New York-based, minority-owned alternative investment management firm that specializes in asset-based investment opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets. For more information, please visit https://www.crayhill.com.
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SOURCE Universal Kraft Canada Renewables
