The transaction supports the safe harboring of Cloudbreak’s community solar projects across Colorado and Maryland.
Today, Crux, the capital platform for the clean economy, Cloudbreak Energy, one of the leading commercial and community solar developers in the Mountain West of the United States, and Bildmore Clean Energy, a capital partner to third-party sponsors of US renewables projects, jointly announced the close of a safe harbor financing facility between Cloudbreak and Bildmore. The financing enabled Cloudbreak to safe harbor 106 MWdc of distributed generation assets, securing the ITC and mitigating a portion of the new FEOC risk on these assets. This portfolio will bring reliable, clean energy to communities in Colorado and Maryland.
Cloudbreak is grateful for our partnerships with Bildmore and Crux, both of whom were fantastic allies throughout the process of closing this transaction.”
— Becca Glazer, VP of Finance at Cloudbreak
Crux facilitated the transaction from origination through closing, sourcing and vetting potential lenders aligned with Cloudbreak’s capital needs before identifying Bildmore as a strong fit given its investment strategy and ability to structure and underwrite the underlying project collateral. Throughout the process, Bildmore and Crux shaped the deal structure, managed diligence workflows, and coordinated across parties to ensure a successful close.
Legal advisors on the transaction included McDermott Will & Schulte for Bildmore and Clean Energy Counsel for Cloudbreak.
With this financing, Cloudbreak secured a tailored capital solution to support its growing project pipeline and strategic transition into an independent power producer (IPP). By securing safe harbor financing, Cloudbreak can preserve eligibility for key clean energy tax incentives while continuing development across its community solar portfolio.
Read More on Fintech : Global Fintech Interview with Baran Ozkan, co-founder & CEO of Flagright
Safe harbor financing has become an increasingly important tool for renewable energy developers seeking to maintain tax credit eligibility while advancing project development timelines. Community solar in particular continues to expand rapidly as states adopt policies that enable households and businesses to subscribe to shared solar installations and benefit from locally generated renewable power.
“Cloudbreak is grateful for our partnerships with Bildmore and Crux, both of whom were fantastic allies throughout the process of closing this transaction,” said Becca Glazer, VP of Finance at Cloudbreak. “We look forward to working with both parties again to enable the addition of more renewable capacity onto the grid.”
David Haug, CEO of Bildmore, added “We’re pleased to support Cloudbreak in executing its safe harbor strategy and advancing its community solar portfolio. We value the opportunity to partner alongside Crux and work together to deliver disciplined, scalable clean energy solutions.”
“Building critical energy infrastructure at scale requires sophisticated and tailored capital solutions and the right financial partners,” said Andrew Hsiung, CFO at Crux. “Cloudbreak has built an impressive pipeline of community solar projects, and Bildmore’s ability to evaluate and finance the underlying project assets made them a strong partner to help move these projects toward deployment.”
Through its debt capital markets services, Crux offers expert advisory and managed capital products, powered by proprietary market intelligence and centralized technology that inform and streamline transactions. Crux’s debt capital advisory and investment team works with a network of over 130 investors and has issued more than $2.4 billion of term sheets to date.
Catch more Fintech Insights : Real-Time Payments and the Redefinition Of Global Liquidity
[To share your insights with us, please write to psen@itechseries.com ]
