Solar Energy Staffing Firm Gets Boost From Private Equity Financing

HCT Renewable Energy (HCT), a solar industry staffing firm, announced that it has closed on US$13 million in growth financing through an asset-based facility from Phoenix Merchant Partners, an independent investment firm focused on providing broad financing solutions to the middle-market universe of companies, and Caydan Capital Partners, a lower middle market private equity firm. The investment capital is intended to accelerate and optimize HCT’s growth in the solar energy staffing field.

With more than 16.8GW of utility-scale solar experience, HCT believes it is one of the fastest growing solar staffing subcontractors in North America—supporting more than 70% of the leading names in the utility-scale solar industry. HCT specializes in connecting solar energy farm construction companies with solar energy experts and skilled solar energy labor, with an emphasis on general contractors, subcontractors, and facilities managers with experience in energy, commercial, industrial, residential, and institutional project development.

“We are thrilled to have the opportunity to partner with HCT and its world-class leadership team at a time when the solar energy job market is experiencing dynamic, steady growth,” said Tim Loughlin, managing director of Phoenix Merchant Partners. “We are thankful to HCT for providing us an opportunity to deliver a tailored financing solution with a specialty, asset-based lending component that helps position the Company to capitalize on its promising runway for continued expansion in an exciting market.”

“HCT has an exceptional, proven track record of operational excellence, strong growth, and expertise in connecting the nation’s leading solar energy farms with top-notch industry talent. We are excited to partner with HCT’s impressive leadership team and support the company’s growth,” said Rick Waldo, managing partner and Co-founder of Caydan Capital Partners, a leading lower middle market private equity firm.

“I’m excited to work with the leadership teams of Phoenix Merchant Partners and Caydan Capital Partners—both of which share HCT’s commitment to strong partnerships and a deliverance of excellence,” said Carl Miller, HCT chief executive officer. “The US$13 million in investment capital from Phoenix and Caydan enables HCT to expand our innovative, first-rate solutions, connecting leading solar energy construction companies with the best talent in the solar energy field.”