Leyline Renewable Capital Provides Development Capital Facility for Interconnection Deposits to Belltown Power

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Apr 24, 2024, 16:15 ET

Leyline's investment will bring high-value solar plus storage and standalone energy storage to the Midcontinent Independent System Operator (MISO) market.

DURHAM, N.C., April 24, 2024 /PRNewswire/ -- Leyline Renewable Capital, a leading provider of flexible capital solutions for renewable energy developers, today announced their second lending facility with Belltown Power, building on their success from previous transactions. Leyline's investment of MISO interconnection deposits will support Belltown's development of 800 MW of solar plus storage and standalone storage in the MISO market within the next three years.

"Belltown is a seasoned developer that has demonstrated success delivering well-developed projects to the market and we are honored to work with them again to advance these MISO assets," said Leyline Chief Commercial Officer Eric Rubinstein. "As we continue to see the costs of interconnection rising throughout the country, we believe our capital is needed more than ever to advance these types of portfolios with great developers."

"We are excited to have closed another transaction with Leyline; their streamlined process allowed for a smooth execution in time to submit our applications to MISO," said Hernan Farace, Chief Executive Office of Belltown. "Efficient capital structures are becoming ever more important to facilitate the development process, and we are happy to count Leyline as a partner in this pursuit."

In 2023, the Federal Energy Regulatory Commission (FERC) issued a new rule to reduce backlogs for projects seeking to connect to the grid and improve certainty in the interconnection process. This rule aims to reduce premature or unfeasible interconnection requests, but also comes with higher upfront financial costs for interconnection studies and deposits. These costs can strain early-stage developers, especially as renewable energy asset owners and project financiers typically look for large, de-risked portfolios, leaving a market gap for early-stage capital solutions. Leyline fills that gap by providing non-dilutive financing, which allows Belltown to advance its projects through the MISO Interconnection queue while maintaining control of the company and growing its portfolio of projects.

About Leyline Renewable Capital
Leyline Renewable Capital invests in the development, construction, and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gap between development and construction. By investing in the pre-construction phase of renewable energy projects, Leyline can accelerate the development process and help developers scale their business. 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.

About Belltown
Belltown Power is a greenfield developer and long-term partner in utility-scale solar PV, energy storage, and wind projects across the US. Their development process starts with site identification and continues navigating interconnection, real estate, permitting, environmental, tax, and all other development items to bring these projects to fruition. The Belltown Power team's strong track record follows a thoughtful and disciplined approach to development, leveraging its excellent technical expertise and industry relationships to deliver quality projects from greenfield through to operations.

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SOURCE Leyline Renewable Capital