Accelergen Energy, a solar and storage project developer, secured $30 million in financing from Leyline Renewable Capital to develop a multi-gigawatt pipeline of utility-scale solar and storage projects across multiple U.S. markets over the next four years.
“The only two constants in our industry are the ITC and continuous change. To successfully navigate this space, Leyline looks for experienced teams who can handle risk and manage volatility. And we couldn’t ask for a team with deeper understanding and experience than Tom and Josh,” said Todd Kice, Managing Director of Originations at Leyline. “I’ve known both of them for over a decade and can confirm our whole team is thrilled to get a chance to work with them and be a part of their success.”
“Leyline Renewable Capital is well known in our industry as a premier development lender,” said Thomas Houle, co-founder and CEO of Accelergen Energy. “The team worked closely with us to understand our specific needs and business goals, and we appreciate their expertise and agility in arranging financing that meets our unique requirements. This infusion will strengthen our capital structure, accelerating our efforts as we launch the company and expand the team while executing our strategic plan.
According to Mercom’s Q1 2023 Solar Funding and M&A report, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022.
Low Carbon, a renewable energy investment firm, recently secured £310 million (~$391 million) second finance facility to construct an additional 448 MW of solar projects in the UK and the Netherlands. ABN AMRO, ING, the Commonwealth Bank of Australia, Intesa Sanpaolo, and the existing banks, including NatWest, Lloyds Bank and AIB, provided the financing. The £310 million (~$390 million) finance facility announced takes the total debt funding raised by Low Carbon to £540 million (~$671 million).