Caydan Capital Partners and Phoenix Merchant Partners Provide $13 Million Growth Financing to HCT Renewable Energy

BOSTON, MA - Caydan Capital Partners announced today that it, together with Phoenix Merchant Partners, has provided $13 million in growth financing to HCT Renewable Energy ("HCT"), a leading solar industry staffing 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 is one of the fastest-growing solar staffing subcontractors in North America, supporting more than 70 percent 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.

‍

"The team at HCT have built an exceptional business by consistently delivering high-quality workforce solutions to the utility-scale solar industry," said Rick Waldo, Managing Partner of Caydan Capital Partners. "The Company's proven operating track record, and experienced leadership team make it an attractive investment. We're excited to support Carl Miller and the HCT team as they continue executing on their growth strategy."

‍

"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."

‍

"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, Chief Executive Officer of HCT Renewable Energy. "The $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."

‍

About Caydan Capital Partners

Caydan Capital Partners is a Boston, Massachusetts-based private equity firm focused on control investments in growth-oriented companies in the North American lower middle market. With offices in Boston, Dallas, and Puerto Rico, Caydan provides investors with access to a historically less accessible segment of the market through a diversified investment platform spanning private equity, public equity, and venture capital. For more information, please visit https://www.caydancapital.com/.

‍

About HCT Renewable Energy

HCT Renewable Energy specializes in partnering with the nation's leading solar energy farm construction companies. Serving solar energy work sites across all 50 states, HCT connects top-quality talent with solar energy industry leaders and project managers.

‍