BESS Power Corporation, a utility-scale energy storage developer, has established a project debt financing facility of up to $15 million with Leyline Renewable Capital to fund and develop 2.4 GW utility-scale stand-alone energy storage projects until 2027.
"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," said Joshua Schaff, Senior Managing Director at Leyline.
Leyline's non-dilutive loan will support BESS Power's Lund Storage Center, while developing projects in Texas, Arizona, Tennessee, and New Mexico amongst others. The Lund Storage project in Travis County, Texas has a power capacity of 407.55 MW and adds value to the Electric Reliability Council of Texas to increase reliability and deployment of renewable energy in the region.
The portfolio will include utility-scale standalone energy storage centers which will be operational by 2026 within the U.S. territories. BESS Power plans to use the funds for project-related capital costs to improve the development process with a focus on traditional greenfield development to de-risk projects.
“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,” said Pandelis Vassilakakis, CEO of BESS Power. “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."