Leyline Renewable Capital is to invest US$30m in financing for Texas-based solar and storage developer Accelergen Energy.
With the funding, the company is planning to develop a multi-gigawatt pipeline of utility-scale solar and storage projects across multiple US markets over the next four years.
Accelergen was founded by renewable energy veterans Thomas Houle and Josh Skogen, both with proven track records building renewable energy businesses.
Houle spent the previous 12 years as managing director of Macquarie’s Green Investment Group (GIG), which he joined after selling his wind and solar development company, Fremantle Energy, to GIG.
He has an extensive background in renewable energy development, project and platform investing, and management, and will serve as the company’s chief executive.
Skogen spent a majority of the last 12 years helping build sPower from a family office to a national player, ultimately being acquired by AES.
As senior vice president of development, he will play a key role in corporate strategy as well as heading up project development and execution.
Houle said: “Leyline Renewable Capital is well known in our industry as a premier development lender.
“The team worked closely with us to understand our specific needs and business goals, and we appreciate its expertise and agility in arranging financing that meets our unique requirements.
“This infusion will strengthen our capital structure, which will accelerate our efforts as we launch the company and work to expand the team while executing our strategic plan.”