| Work Detail |
Accelergen Energy, a developer of large-scale battery energy storage systems (BESS) and hybrid solar storage systems, has obtained $20 million in bridge funding from Overlay Capital. This funding will help cover grid connection deposits, which are essential for advancing Accelergen’s expanding project portfolio. The portfolio includes more than 2.6 gigawatts (GW) of BESS and hybrid solar storage projects, spread across 13 projects in six states, located within the Western Electricity Coordinating Council (WECC) and Southwest Power Pool (SPP) regions.
Since its inception, Accelergen has built a strong portfolio of high-quality projects by using its in-house grid and commercial analytics to pinpoint and develop projects at strategically strong locations on the power grid. The latest round of funding will enable the company to further develop and expand its portfolio, solidifying its role as a trusted partner for investors, utilities, and corporate buyers. This comes at a time when grid interconnection costs are rising and the demand for renewable energy and reliable energy capacity is growing.
Thomas Houle, co-founder and chief executive officer, Accelergen Energy, said in a statement, “As we accelerate large-scale development of clean energy assets, securing capital to support grid interconnection requirements is vital. Overlay Capital’s support provides us with additional resources to bring high-quality projects to financial close faster that are strategically positioned to meet rising energy demand and address evolving grid topology.”
Ashton Kille, Director of Infrastructure Strategies, Overlay Capital, mentioned, “Overlay Capital addresses the challenges developers face with increasingly large interconnection deposits, strengthening developers’ financial positions. Our credit facilities enable developers to maximize their pipeline potential and navigate queues efficiently without tying up significant balance sheet capital. We’re pleased to partner with Accelergen and look forward to supporting the successful development of their portfolio.”
The company focuses on areas with high energy and capacity needs, increasing price volatility, and expected demand growth. Using its custom grid and commercial analytics, it has positioned itself to effectively advance projects through the higher-cost, first-come, first-served grid interconnection process. With a generally congested power grid, selecting the right sites has become crucial for developing projects in locations where upgrades are faster and more cost-effective. This helps meet the growing demand for energy and capacity while improving grid reliability. Ongoing projects include BESS sites in high-demand areas, which are expected to benefit from price volatility driven by factors like increased wind energy, coal plant retirements, and additional solar power in certain regions. |
