Pathway Power, renewable energy and battery storage developer, announced a $36 million investment from Forest Road Renewables, a climate-focused infrastructure platform within The Forest Road Company.
The funding will scale the company’s portfolio of clean energy projects to deliver over 2 GW across North America.
“With solar energy capacity poised to quadruple by the end of the decade, Pathway Power will build on this momentum to deliver utility-scale solar, storage, and hybrid assets to the market,” said Pathway Power Managing Partner Jam Attari. “We appreciate Forest Road’s confidence in our team and will continue to execute on our strategy of developing a portfolio that will help to drive the next stage of the renewable market’s evolution.”
The company plans to target a balance of solar and storage opportunities across various markets.
“The Pathway Power partnership is the latest example of our ability to offer highly efficient, flexible, and creative capital solutions across the renewable energy ecosystem,” said Head of Forest Road Renewables, Dan Rittenhouse. “We are thrilled to be a core partner in Pathway Power’s growth plans and look forward to advancing the proliferation of renewable energy alongside this experienced management team.”
Earlier this week, Scatec, a renewable energy solutions provider, secured NOK 1.2 billion (~$102 million) in financial risk reduction for the combined solar power and battery plant project in the Northern Cape from the export credit agency Export Finance Norway (Eksfin). Scatec is set to build three power plants in the South African province with 540 MW of installed solar power and 225 MW of battery capacity.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, there were 13 energy storage M&A transactions in 1H 2022 compared to nine in 1H 2021.
Amp Energy, a renewable energy developer, secured financing of $155 million for its 61 MW and 6.5 MWh solar plus storage portfolio in Massachusetts and New York. U.S. KeyBank led the construction and term debt, with U.S. Bank investing the tax equity for the portfolio. This was the fourth transaction between the three parties since 2017.