On.Energy, a rapidly growing power asset owner and expert in integrating battery energy storage projects, has successfully secured construction credit facilities from Pathward®, N.A. and BridgePeak Energy Capital. These funds will support the development of On.Energy’s 160 MWh Palo de Agua battery storage portfolio in Texas. This financing will help On.Energy expand its U.S. operations, which already include 80 MWh of active assets in Houston.
Cooper said, “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. 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.”
Christopher Soupal, Pathward Divisional President and Revenue Lending Officer, mentioned “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. 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.”
Shawn Andrews, CEO of BridgePeak, stated “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. 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.”
In addition, the company has over 2 GWh of battery storage projects set to launch by 2028 across California, Texas, and Mexico. The deal was led by On.Energy’s CEO Alan Cooper, with key contributions from CFO David Fernandes, Vice President of Structured Finance Kevin Rooney, and Vice President of Corporate Finance Alberto Avila.
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