Funding Enables Development of Over 2.6 GW of Solar and Battery Energy Storage Systems Across Multiple U.S. States
Accelergen Energy Secures $20 Million in Funding from Overlay Capital
Overlay Capital:
general@overlaycapital.com
+1 770.415.0595
Accelergen Energy:
Alicia V. Nieva-Woodgate
ANW Networks
alicia@anwnetworks.com
+1 720.808.0086
Accelergen Energy, a greenfield developer of utility-scale battery energy storage systems (BESS), and hybrid solar storage systems, has secured $20 million in bridge funding from Overlay Capital. This loan facility will support grid interconnection deposits critical to advancing Accelergen’s growing development portfolio, which includes over 2.6 gigawatts (GW) of BESS and hybrid solar storage projects across 13 projects in six states within the Western Electricity Coordinating Council (WECC) and Southwest Power Pool (SPP) territories.
Since its launch, the company has created a significant portfolio of high-quality projects by applying in-house grid and commercial analytics to identify and develop projects at sustainably robust nodes on the power grid. This new round of funding allows Accelergen to continue advancing development of and growing its portfolio, strengthening its position as a reliable partner for investors, utilities, and corporate buyers amid heightened grid interconnection costs and increasing demand for renewable energy and dispatchable capacity.
The company’s is strategically focused on areas with strong energy and capacity needs, growing price volatility, and forecasted demand growth. Its custom grid and commercial analytics-driven strategy has positioned the company to confidently advance development of its projects in the higher-cost, first ready, first served grid interconnection process that exists today. A generally congested power grid has made strategic site selection essential in creating projects at grid locations with lower-cost faster upgrades to meet utility and corporate demand for energy and capacity while enhancing grid reliability. The company’s ongoing project development includes BESS sites in high-demand areas expected to benefit from forecasted price volatility due to a combination of high wind penetration, coal retirement, and solar additions in specific regions.
"As we accelerate large-scale development of clean energy assets, securing capital to support grid interconnection requirements is vital," said Thomas Houle, co-founder and chief executive officer, Accelergen Energy. "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."
“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,” said Ashton Kille, Director of Infrastructure Strategies, Overlay Capital.
Useful Links:
Website: www.accelergen.com
LinkedIn: https://www.linkedin.com/company/accelergen-energy-llc
X: https://twitter.com/Accelergen
Website: Overlay Capital
LinkedIn: Overlay Capital: Overview | LinkedIn
About Overlay Capital
Overlay Capital is an investment manager focused on opportunities within the built environment. Through its infrastructure business, it targets portfolios of development-stage renewable power and energy storage projects led by top-tier developers. Overlay provides financing solutions to solve the interconnection capital constraints faced by small and medium-sized developers. Overlay Capital has offices in Atlanta, GA and Denver, CO. For more information, please visit: Overlay Capital.
About Accelergen Energy
Founded in 2020 and headquartered in Austin, Texas, Accelergen Energy is a greenfield developer of utility-scale battery energy storage systems (BESS), and hybrid solar storage systems. The company is dedicated to advancing the transition to zero-carbon power generation by delivering sustainable, high-quality projects that benefit local communities and long-term investors. Accelergen’s innovative, analytics-driven approach ensures its projects are strategically positioned to meet evolving grid demands while contributing to a cleaner, more sustainable energy future. For more information, visit www.accelergen.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241219372956/en/
