BESS Power Corporation Secures Financing from Leyline Renewable Capital to Accelerate 2.4 GW of Energy Storage Pipeline in the U.S.

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Aug 22, 2023, 09:00 ET

NEWARK, Del., Aug. 22, 2023 /PRNewswire/ -- BESS Power Corporation ("BESS Power"), a leading utility-scale energy storage developer, announces the establishment of a project debt financing facility of up to $15 Million with Leyline Renewable Capital ("Leyline"). Regarded as a key investor of flexible capital solutions for renewable energy developers, Leyline will provide this growth capital to accelerate the development of BESS Power's energy storage pipeline. With Leyline's support, BESS Power will fund the planned development of target 2.4 GWs of utility-scale stand-alone energy storage projects, 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 the states of Texas, Arizona, Tennessee, New Mexico amongst others. Located in Travis County, Texas, Lund Storage project has recently confirmed power capacity of 407.55 MW, establishing it as one of the largest utility-scale stand-alone energy storage projects in the state of Texas and offering significant value to Electric Reliability Council of Texas Inc. (ERCOT), as it works towards increasing reliability and deployment of renewable energy in the region.

BESS Power is manufacturer independent developer, established through a joint venture between Euronext Growth Milan listed companies, Redelfi and Altea Green Power, and U.S.-based Elio Energy Group LLC; key entities with combined 15+ years of industry expertise. The portfolio will include utility-scale standalone energy storage centers within key growth US territories that would be operational by 2026. Focusing on traditional greenfield development to de-risk projects, BESS Power plans to use this funding for project-related capital costs to accelerate the development process.

"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 regards 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 aligns with Leyline's mission," said Joshua Schaff, Senior Managing Director at Leyline.

For more information, please visit www.besspowercorp.com.

For media and corporate inquiries, please contact Radhika Mehta at [email protected].

About BESS Power Corporation

BESS Power Corporation is a leading greenfield utility-scale energy storage center developer with a primary focus on BESS (Battery Energy Storage Systems) projects across the United States. Established with Redelfi Group, Altea Green Power and Elio Energy Group LLC, BESS Power Corporation is manufacturer independent, providing best-in-class energy storage solutions that are catered to achieve project-specific objectives. The combination of these key market players brings a wealth of financial capabilities and technical expertise in the bourgeoning energy market.

About Leyline Renewable Capital

Leyline Renewable Capital invests in the development of utility scale renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that supports early-stage development through construction. By investing in the early stages of renewable energy projects, Leyline accelerates the development process and helps developers scale quickly without taking dilution. Leyline leverages a broad base of experience in greenfield project development, design, construction, and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation.

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SOURCE BESS Power Corporation