Leyline Renewable Capital Provides Growth Capital to Launch New Energy Storage Developer, Navitas Energy

News provided by

Oct 06, 2022, 13:04 ET

Leyline's investment will bring high-value standalone energy storage to the Electric Reliability Council of Texas (ERCOT) market.

DURHAM, N.C., Oct. 6, 2022 /PRNewswire/ -- Leyline Renewable Capital, a leading provider of flexible capital solutions for renewable energy developers, today announced a partnership with Navitas Energy. Leyline's investment of early-stage growth capital will accelerate Navitas' development of 500 to 1000 MW of standalone storage in the ERCOT market within the next five years.

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 will allow Navitas' founder to keep control of the company, while growing its portfolio of projects. In addition to capital, Leyline's leadership team brings more than 30 years of project development experience and will provide on-call development support for the Houston-based company.

"Though a new company, Navitas' founder has a wealth of experience in the development, optimization, and trading of power generation assets," said Leyline CEO Erik Lensch. "We're excited to work with Navitas to create flexible power generation for ERCOT."

The ERCOT market is undergoing a rapid shift in market fundamentals – renewable energy deployment is surging, driving thermal generation retirement. Navitas' energy storage development will provide significant value to the region, as it increases reliability and supports the increased penetration of renewable energy.

"Bringing more energy storage to ERCOT is critical to increasing the capacity and deployment of renewable energy in a state that is experiencing a major increase in demand on the grid," said Vipul Devluk, director of originations at Leyline. "Our partnership with Navitas is just one way in which Leyline brings renewable energy to market through flexible capital solutions."

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 Navitas

Navitas Energy is a developer of energy storage and flexible load in Texas. The teams' experience and track record include development, financing, construction, asset optimization, and operations of thousands of MWs power generation asset over the last 28 years. The Navitas development process includes site selection/control, interconnection, environmental and regulatory approval, offtake negotiations, project management, and project financing.

SOURCE Leyline Renewable Capital