On.Energy Closes $77.6 Million Construction Credit Agreement From Pathward to Build Its New 160 MWh Portfolio
On.Energy, one of North America's fastest growing power asset owners and proven end-to-end integrator of battery energy storage projects, today announced it has closed construction credit facilities provided by Pathward®, N.A. ("Pathward") and BridgePeak Energy Capital ("BridgePeak") to build its 160 MWh Palo de Agua battery storage portfolio across the state of Texas. This new financing will allow On.Energy to accelerate its U.S. business growth, which already includes 80 MWh of operational assets in Houston and a combined 2 GWh+ of battery energy storage scheduled for activation by 2028 across California, Texas and Mexico.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250128531313/en/
On.Energy announced it has closed construction credit facilities provided by Pathward®, N.A. and BridgePeak Energy Capital to build its 160 MWh Palo de Agua battery storage portfolio across the state of Texas. (Graphic: Business Wire)
The On.Energy deal team is led by Alan Cooper, CEO, and includes David Fernandes, Chief Financial Officer; Kevin Rooney, Vice President of Structured Finance; and Alberto Avila, Vice President of Corporate Finance.
"In less than 12 months, we have managed to structure Project Finance credit solutions for more than 240 MWh, deploying critical infrastructure to one of the country's most volatile power markets," said Cooper. "This follow-on to the currently operating Palo Verde portfolio triples our installed and in-construction asset base across the United States. Taken together with a doubling of our integration revenues from 2023 to 2024, we couldn't be more excited about the dynamic capital asset platform we have created. None of this would be possible without these best-in-class partners: Pathward and BridgePeak."
"Texas reached a milestone in 2024, marking the first time that solar power generated more electricity than coal in the state, according to the Institute for Energy Economics and Financial Analysis. As Texas continues its prolific energy transition, On.Energy is providing the solutions to ensure grid reliance and resilience," said Christopher Soupal, Pathward Divisional President and Revenue Lending Officer. "Pathward's multi-project construction facility with On.Energy is another example of our commitment to the U.S. renewable energy sector, and we are proud to be their lending partner."
"We continue to identify and partner with the best-in-class developers and Independent Power Producers in each technology and sub-market across the U.S.," said Shawn Andrews, CEO of BridgePeak. "The facility with On.Energy, and the pipeline of follow-on projects, highlights the effectiveness of our approach to developing deep relationships with the companies changing the energy sector."
About On.Energy
On.Energy is a fully integrated energy storage solutions provider and IPP. From its headquarters in Miami and offices in Texas, California, Mexico, Peru, and Chile, this experienced team leverages its proprietary On.Command™ energy management system to implement customized, A.I. – driven, turnkey solutions that support peak shaving, energy arbitrage, frequency regulation, UPS/backup power, wholesale market integration, and microgrid operations for utilities, system operators, and C&I customers across the Americas. Learn more about On.Energy at www.on.energy.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (NASDAQ:CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Partner Solutions and Commercial Finance business lines. The strategic business lines provide support to individuals and businesses. Learn more at Pathward.com.
About BridgePeak
BridgePeak Energy Capital is the country's leading renewable energy loan service provider to banks and private credit funds. BridgePeak provides comprehensive loan origination, underwriting, closing, servicing and portfolio management solutions designed to maximize value for all stakeholders. As of December 2024, BridgePeak manages a portfolio of more than $2.3 billion in construction and term loans and $325+ million of development loans for its capital partners. For more information about BridgePeak Energy Capital, visit https://www.BridgePeak.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128531313/en/
On.Energy:
Shizuno Furuya
305.607.2764
[email protected]
Pathward:
Courtney Heidelberg
605.291.7044
[email protected]
BridgePeak:
[email protected]