BESS Power, a utility-scale energy storage project developer, secured a project debt financing facility of up to $15 million from Leyline Renewable Capital to accelerate the development of its 2.4 GW of utility-scale standalone energy storage pipeline over the next four years.
To commemorate this long-term partnership, Leyline’s non-dilutive loan will enable the progression of BESS Power’s flagship project, Lund Storage Center., in addition to expediting the development process for projects in Texas, Arizona, Tennessee, and New Mexico, amongst others.
“Having the Leyline team share our vision of highly optimized 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 regard to our financial position in the market.” said Pandelis Vassilakakis, CEO of BESS Power.
“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 align with Leyline’s mission,” said Joshua Schaff, Senior Managing Director at Leyline.
According to Mercom’s 1H and Q2 2023 Energy Storage and Smart Grid Report, 17 Energy Storage project funding deals were announced in 1H 2023, bringing in a combined $4.1 billion compared to $3.8 billion in 16 deals in 1H 2022.
Broad Reach Power, a utility-scale battery storage project developer, recently secured $435 million in credit facilities to support the construction of 7 standalone energy storage projects totaling 880 MW in Texas and California. The Battery Energy Storage System (BESS) projects are currently under construction, with expected commercial operation dates ranging from late 2023 through Q1 2024. The projects include 825 MW in ERCOT and 55 MW in CAISO.