RIDGEWOOD, N.J.–(BUSINESS WIRE)–Scale Microgrids, a vertically-integrated distributed energy company, has closed $275 million in new project financing, bringing their total financing raised to date to over $1 billion. KeyBanc Capital Markets, Cadence Bank, and New York Green Bank led this milestone transaction, with additional participating lenders including Investec, Mitsubishi HC Capital America, and Connecticut Green Bank.
This financing will support 140 megawatts of distributed generation projects, including microgrids, community-scale solar and storage, and battery storage installations. These projects, many of which are already under construction, are spread across states including New York, Pennsylvania, New Jersey, Connecticut, and California.
“This transaction demonstrates the financial strength of our company and the continued importance of financial innovation in distributed energy,” said Julian Torres, Scale’s Chief Investment Officer. “We’re proud to work with our financing partners to invest in more affordable, more resilient energy solutions for these communities.”
”We’re proud to have supported Scale through the financing of this portfolio, from construction through to operations,” said Greg Berman, managing director in KeyBanc Capital Markets Utilities, Power & Renewable Energy Group. “We value our relationship with Scale and congratulate their team as they execute on their strategy to deliver high-quality distributed energy assets to the market.”
«NY Green Bank is pleased to support Scale as it continues to make significant investment in New York State’s distributed energy sector,» said Konstantin Driker, Managing Director, NY Green Bank, which provided $50 million in construction-to-term and tax equity bridge loans. “This collaborative financing effort illustrates the importance of capital from both the public and private sector in advancing projects that support the clean energy transition.»
“This marks the third transaction we have undertaken with Scale as their company makes a significant impact on distributed resources and battery storage in Connecticut,” noted Bert Hunter, Chief Investment Officer for the Connecticut Green Bank. “One great example is the Bridgeport thermal loop which will supply energy to the grid while reducing heating costs for local organizations and generating tax revenues for the city.”
“Providing capital to support Scale Microgrid’s ongoing deployment of distributed clean energy assets that enhance power resiliency is an effort we’re proud to support,” added Chris Pagano, Head of Structured Finance at Mitsubishi HC Capital America. “Their strategy aligns with our long-term commitment to advancing sustainability through innovative financing solutions that transform climate goals into actionable, impactful initiatives.”
The financing raised from the participating lenders includes construction loans, tax equity bridge loans, letters of credit, and term loans for projects that will enter commercial operations in 2025 and 2026. Energetic Capital will also provide credit enhancement with a credit insurance policy for the transaction.
About Scale Microgrids: Scale is a vertically-integrated energy company that designs, builds, finances, owns, and operates distributed energy assets that deliver cheaper, cleaner, and more resilient power. Our team helps large energy-consuming customers take charge of their energy supply with microgrids that integrate on-site energy assets such as solar and battery storage, and further accelerates growth in distributed energy by providing financing to project developers. Scale is a portfolio company of EQT Group.
Contacts
Media:
Nicole Green, Scale Microgrids
ngreen@scalemicrogrids.com
