growth ahead
Energy storage company secures $77.6 million to continue Texas expansion
Energy storage developer On.Energy announced it closed $77.6 million in construction credit facilities provided by Pathward N.A. and BridgePeak Energy Capital to build its 160 Megawatt-hour Palo de Agua battery storage portfolio across the state of Texas.
The new financing will allow the Miami-based company with project development offices in Houston to continue its expansion, which already includes 80 MWh of operational assets in Houston.
“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,” On.Energy CEO Alan Cooper said in a news release.
Cooper added that the Texas project triples the company’s installed and in-construction asset base in the U.S.
On.Energy uses its proprietary On.Command energy management system to implement customized, AI-driven solutions that support grid-scale projects and peak-shaving solutions that use energy storage to reduce electricity demand during peak hours.
By 2028, the company aims to have more than 2 GWh of battery energy storage scheduled for activation across California, Texas and Mexico.
“As Texas continues its prolific energy transition, On.Energy is providing the solutions to ensure grid reliance and resilience,” Christopher Soupal, Pathward divisional president and revenue lending officer, said in a news release.
“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.”
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