Storage developer BESS Power Corporations has established a project debt financing facility of up to US$15m with Leyline Renewable Capital.
With Leyline’s support, BESS Power will fund the planned development of target 2.4GWs of utility-scale stand-alone energy storage projects, over the next four years.
To commemorate this long-term partnership, Leyline’s non-dilutive loan will enable the progression of BESS Power’s Lund Storage Center.
It will also expedite the development process for projects in the states of Texas, Arizona, Tennessee, New Mexico amongst others.
Located in Travis County, Texas, Lund Storage project has recently confirmed power capacity of 407.55MW, establishing it as one of the largest utility-scale stand-alone energy storage projects in the state of Texas, offering significant value to Electric Reliability Council of Texas Inc. (ERCOT), as it works towards increasing reliability and deployment of renewable energy in the region.
BESS Power is a JV between Euronext Growth Milan listed companies Redelfi and Altea Green Power, and US-based Elio Energy Group.
The portfolio will include utility-scale standalone energy storage centres within key growth US territories that would be operational by 2026.
Focusing on traditional greenfield development to de-risk projects, BESS Power plans to use this funding for project-related capital costs to accelerate the development process.
Pandelis Vassilakakis, chief executive of BESS Power, said: “Having the Leyline team share our vision of highly optimised energy storage solutions for a resilient grid is an exciting step in our journey.
“With BESS Power’s requisite technical expertise and experience in greenfield development, supplemented by Leyline’s longstanding financial capabilities and market knowledge, I am confident we will achieve our target goal and beyond.
“This transaction further strengthens our mission to drive growth in the sustainability sector and gives confidence to the company stakeholders with regards to our financial position in the market.
Senior managing director at Leyline Joshua Schaff said: “We are honored to support BESS Power’s growth.
“The team brings a sophisticated understanding of the greenfield development process, knowledge of nascent standalone storage markets, and a mission to provide renewable energy assets that aligns with Leyline’s mission.”