Energy Storage

$40M in financing secured for new 80 MWh Texas battery storage portfolio

On.Energy’s projects, set to come online in Q3 of 2024, are meant to support the balancing of the ERCOT grid by providing both ancillary services as well as arbitrage.
$40M in financing secured for new 80 MWh Texas battery storage portfolio
An On.Energy BESS (Credit: On.Energy)

On.Energy, an end-to-end integrator of battery energy storage and Independent Power Producer (IPP), announced it has closed both a construction facility totaling more than $40 million and permanent debt facilities for an 80 MWh portfolio in Texas, the Palo Verde Projects, with financing provided by Live Oak Bank.

The projects, set to come online in Q3 of 2024, are meant to support the balancing of the ERCOT grid by providing both ancillary services as well as arbitrage.

The portfolio includes both greenfield development sites as well as projects acquired through mergers and acquisitions in mid-2023. The company continues to advance a pipeline of over 1GWh of utility-scale energy storage systems across ERCOT, CAISO, and more, with a follow-on portfolio of projects of 160MWh expected to begin operation by Q3 2025, the company said. This project also integrates an investment tax credit (ITC) transfer.

On.Energy is a fully integrated energy storage solutions provider and IPP. From its headquarters in Miami and offices in Texas, Mexico, Peru and Chile, On.Energy provides a management system to implement customized, turnkey solutions meant to 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.