Scale Microgrids, a distributed energy company focused on designing, building, financing, owning and operating distributed energy assets and a portfolio company of Warburg Pincus, has closed a non-recourse finance debt facility to fund the construction and operations of a portfolio of microgrids, combined heat and power (CHP) systems, community solar, rooftop solar, battery energy storage systems and microgrid electric vehicle infrastructure projects.
These distributed energy projects look to impact communities across the country, providing a range of businesses, schools, municipalities and rate-paying customers with easier access to energy. The portfolio includes markets such as California, Oregon, the District of Columbia, Pennsylvania, Delaware, Colorado, North Carolina, New Jersey and New York.
“This deal serves as proof that the renewable energy landscape is changing,” comments Ryan Goodman, co-founder and chief executive officer at Scale Microgrids. “Microgrids, by their nature, incorporate a number of different technologies – and capital providers’ willingness to step up and support a diverse ‘first of its kind’ portfolio further supports Scale’s vision of bringing microgrids and DERs to the masses.”
KeyBanc Capital Markets acted as joint lead arranger and structuring administrative agent on the loan. City National Bank also contributed as joint lead arranger, and Energetic Insurance provided a credit insurance policy enabling access to the bank lending market. Black & Veatch was an independent engineer to the lenders; Wood Mackenzie delivered market forecasts; Allen & Overy provided legal counsel; and Foley Lardner served as lender counsel.