August 2, 2011 / 7:41 PM / 7 years ago

Barclays to help fund K Road's solar power projects

LOS ANGELES (Reuters) - Solar developer K Road Power Holdings said on Tuesday it has reached a deal with a unit of Barclays Capital in which the investment bank will help fund its solar power plants in the U.S. Southwest.

Terms of the deal were not disclosed. But the company said that Barclays Natural Resource Investments would “make a substantial commitment” to fund K Road’s portfolio.

K Road has 11 solar projects in development, including the 850 megawatt Calico project in California’s San Bernardino county. In total, the company said it has nearly 2300 MW in development.

In a statement, K Road Managing Partner Gerrit Nicholas said the investment by Barclays Natural Resource Investments “will enable K Road to best access efficient capital sources and accelerate our development plan.”

K Road is an independent power developer run by Sithe Energies and Goldman Sachs veterans. The company focuses exclusively on renewable energy projects and power infrastructure.

Reporting by Nichola Groom; Editing by Richard Chang

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