fresh funding

D.C. energy company secures $233M for ERCOT battery storage projects

Lydian Energy has secured financing for three battery storage system projects in Texas. Photo via Getty Images.

The Electricity Reliability Council of Texas’ grid will get a boost courtesy of Lydian Energy.

The D.C.-based company announced the successful financial close of its first institutional project financing totaling $233 million, backed by ING Group and KeyBank. The financing will support three battery energy storage system (BESS) projects in Texas.

Lydian is an independent power producer that specializes in the development, construction and operation of utility-scale solar and battery energy storage projects. The company reports that it plans to add 550 megawatts of energy—which can power approximately 412,500 homes—to the Texas grid administered by ERCOT.

“This financing marks an important step forward as we continue executing on our vision to scale transformative battery storage projects that meet the evolving energy needs of the communities we serve,” Emre Ersenkal, CEO at Lydian Energy, said in a news release.

The projects include:

Pintail

  • Located in San Patricio county
  • 200 megawatts
  • Backed by ING

Crane

  • Located in Crane county
  • 200 megawatts
  • Backed by ING

Headcamp

  • Located in Pecos county
  • 150 megawatts
  • Backed by KeyBank

ING served as the lender for Pintail and Crane projects valued at a combined total of approximately $139 million.

KeyBank provided a $94 million financing package for the Headcamp project. KeyBanc Capital Markets also structured the financing package for Headcamp.

The three projects are being developed under Excelsior Energy Capital’s Fund II. Lydian’s current portfolio comprises 20 solar and storage projects, totaling 4.7 gigawatts of capacity.

“Our support of Lydian’s portfolio reflects ING’s focus on identifying strategic funding opportunities that align with the accelerating demand for sustainable power,” Sven Wellock, managing director and head of energy–renewables and power at ING, said in the release. “Battery storage plays a central role in supporting grid resilience, and we’re pleased to back a platform with strong fundamentals and a clear execution path.”

The facilities are expected to be placed in service by Q4 2025. Lydian is also pursuing additional financing for further projects, which are expected to commence construction by the end of 2025.

“These financings represent more than capital – they reflect the strong demand for reliable energy infrastructure in high-growth U.S. markets,” Anne Marie Denman, co-founding partner at Excelsior Energy Capital and chair of the board at Lydian Energy, added in the news release. “We’re proud to stand behind Lydian’s talented team as they deliver on the promise of battery storage with bankable projects, proven partners, and disciplined execution. In the midst of a lot of noise, these financings are a reminder that capital flows where infrastructure is satisfying fundamental needs of our society – in this case, the need for reliable, sustainable, domestic, and affordable energy.”

Trending News

A View From HETI

Here are the 100 startups selected to participate in this year's Rice Alliance Energy Tech Venture Forum. Photo by Natalie Harms

The Rice Alliance for Technology and Entrepreneurship has named the 100 energy technology ventures that will convene next month at the 22nd annual Rice Alliance Energy Tech Venture Forum, as part of the second annual Houston Energy and Climate Startup Week.

Half of the startups, which hail from nine countries and 19 states, will pitch during the event, which culminates in the annual recognition of the “Most Promising Companies." The 12 companies that were named to Class 5 of the Rice Alliance Clean Energy Accelerator will present during Demo Day to wrap up their 10-week program.

In addition to pitches, the event will also host keynotes from Arjun Murti, partner of energy macro and policy at Veriten, and Susan Schofer, partner at HAX and chief science officer at SOSV. Panels will focus on corporate innovation and institutional venture capital. Attendees can also participate in one-on-one office hours with founders and investors.

The forum will take place Sept. 18 at Rice University’s Jones Graduate School of Business.

The 2025 presenting companies include:

  • Aeromine Technologies
  • AlumaPower
  • Ammobia
  • Aqua-Cell Energy
  • Aquafortus
  • Aquora Biosystems
  • Arculus Solutions
  • Artemis Production Solutions
  • AtmoSpark Technologies
  • AtoMe
  • Badwater Alchemy
  • C+UP
  • Carbon Blade
  • Circul8 Energy & Environment
  • CO2 Lock
  • Direct C
  • DirectH2
  • Ekona Power
  • Exum Instruments
  • Fathom Storage
  • Flyscan Systems
  • Geokiln Energy Innovation
  • Glint Solar
  • Hive Autonomy
  • Horne Technologies
  • Hydrogenious LOHC Maritime
  • Innowind Energy Solutions
  • Iron IQ
  • Kewazo
  • LiNova Energy
  • Lukera Energy
  • Lydian
  • Mcatalysis
  • Metal Light
  • Mithril Minerals
  • Moment Energy
  • Moonshot Hydrogen
  • Muon Vision
  • PolyQor
  • Polystyvert dba UpSolv
  • Precision Additive
  • RapiCure Solutions
  • Resollant
  • SiriNor
  • Skyven Technologies
  • Sperra
  • SpiroPak
  • Sweetch Energy
  • Teverra
  • Utility Global
  • Xplorobot

Companies participating in office hours include:

  • Active Surfaces
  • Advanced Reactor Technologies
  • Advanced Thermovoltaic Systems
  • Ai Driller
  • Airbridge
  • Airworks Compressors
  • Austere Environmental
  • Brint Tech
  • CarbonX Solutions
  • Cavern Energy Storage
  • Celadyne Technologies
  • CERT Systems
  • CubeNexus
  • Deep Anchor Solutions
  • Ellexco
  • Emerald Battery Labs
  • Equipt.ai
  • FAST Metals
  • FieldMesh
  • FlowCellutions
  • Fluidsdata
  • GrapheneTX
  • GS VORTEX SYSTEMS
  • Installer
  • Kanin Energy
  • MacroCycle Technologies
  • Modular MOPU
  • NANOBORNE
  • NetForwards
  • Oxylus Energy
  • PetroBricks
  • PHNXX
  • RASMAG Energy
  • RedShift Energy
  • RENASYS
  • RenewCO2
  • Resonantia Diagnostics
  • Respire Energy
  • Safety Radar
  • SeaStock
  • Secant Fuel
  • SolGrapH
  • Stratos Perception
  • Terraflow Energy
  • Think Energy Holdings
  • Turnover Labs
  • Utiltyx
  • Zenthos Energy

Find information about the full day of events here, or click here to register.

Trending News