On.Energy Closes $77.6 Million Construction Credit Agreement From Pathward to Build Its New 160 MWh Portfolio
On.Energy has secured $77.6 million in construction credit facilities from Pathward and BridgePeak Energy Capital to develop its 160 MWh Palo de Agua battery storage portfolio across Texas. The company currently operates 80 MWh of assets in Houston and plans to activate over 2 GWh of battery energy storage by 2028 across California, Texas, and Mexico.
The deal represents a significant expansion, tripling On.Energy's installed and in-construction asset base across the United States. The company has also reported doubling its integration revenues from 2023 to 2024. The financing comes as Texas reaches a milestone in 2024, with solar power generating more electricity than coal for the first time in the state's history.
On.Energy ha ottenuto 77,6 milioni di dollari in crediti per la costruzione da Pathward e BridgePeak Energy Capital per sviluppare il proprio portafoglio di stoccaggio batterie Palo de Agua da 160 MWh in Texas. L'azienda attualmente gestisce 80 MWh di attivi a Houston e prevede di attivare oltre 2 GWh di stoccaggio di energia da batterie entro il 2028 in California, Texas e Messico.
L'accordo rappresenta una significativa espansione, triplicando la base di attivi installati e in costruzione di On.Energy negli Stati Uniti. L'azienda ha anche riportato un raddoppio delle entrate da integrazione dal 2023 al 2024. Il finanziamento arriva mentre il Texas raggiunge una pietra miliare nel 2024, con l'energia solare che genera più elettricità del carbone per la prima volta nella storia dello stato.
On.Energy ha obtenido 77.6 millones de dólares en facilidades de crédito para construcción de Pathward y BridgePeak Energy Capital para desarrollar su cartera de almacenamiento de baterías Palo de Agua de 160 MWh en Texas. La empresa actualmente opera 80 MWh de activos en Houston y planea activar más de 2 GWh de almacenamiento de energía en baterías para 2028 en California, Texas y México.
El acuerdo representa una expansión significativa, triplicando la base de activos instalados y en construcción de On.Energy en los Estados Unidos. La empresa también ha reportado un duplicado de sus ingresos por integración de 2023 a 2024. La financiación llega cuando Texas alcanza un hito en 2024, con la energía solar generando más electricidad que el carbón por primera vez en la historia del estado.
온에너지(On.Energy)는 패스워드(Pathward)와 브릿지피크 에너지 캐피탈(BridgePeak Energy Capital)로부터 7760만 달러의 건설 신용 시설을 확보하여 텍사스 전역에서 160MWh 규모의 팔로 데 아구아 배터리 저장 포트폴리오를 개발하고 있습니다. 이 회사는 현재 휴스턴에서 80MWh의 자산을 운영하고 있으며, 2028년까지 캘리포니아, 텍사스, 멕시코에서 2GWh 이상의 배터리 에너지 저장을 활성화할 계획입니다.
이번 거래는 온에너지의 미국 전역에서 설치된 자산과 건설 중인 자산 기반을 세 배로 늘리는 중요한 확장을 나타냅니다. 회사는 또한 2023년에서 2024년까지 통합 수익을 두 배로 늘린 것으로 보고하고 있습니다. 이 자금 조달은 텍사스가 2024년에 역사상 처음으로 태양광 에너지가 석탄보다 더 많은 전력을 생성하는 이정표에 도달하는 시점에 이루어졌습니다.
On.Energy a obtenu 77,6 millions de dollars en facilités de crédit construction de Pathward et BridgePeak Energy Capital pour développer son portefeuille de stockage de batteries Palo de Agua de 160 MWh au Texas. L'entreprise exploite actuellement 80 MWh d'actifs à Houston et prévoit d'activer plus de 2 GWh de stockage d'énergie par batterie d'ici 2028 en Californie, au Texas et au Mexique.
Cette transaction représente une expansion significative, triplant la base d'actifs installés et en construction d'On.Energy aux États-Unis. L'entreprise a également signalé avoir doublé ses revenus d'intégration de 2023 à 2024. Le financement intervient alors que le Texas atteint une étape majeure en 2024, avec l'énergie solaire générant plus d'électricité que le charbon pour la première fois dans l'histoire de l'État.
On.Energy hat 77,6 Millionen Dollar an Baukrediten von Pathward und BridgePeak Energy Capital gesichert, um sein 160 MWh großes Batterie-Speicherportfolio Palo de Agua in Texas zu entwickeln. Das Unternehmen betreibt derzeit 80 MWh an Vermögenswerten in Houston und plant, bis 2028 mehr als 2 GWh an Batteriespeicher in Kalifornien, Texas und Mexiko zu aktivieren.
Der Deal stellt eine bedeutende Expansion dar und verdreifacht die installierte und im Bau befindliche Vermögensbasis von On.Energy in den Vereinigten Staaten. Das Unternehmen hat außerdem berichtet, dass es seine Integrationsumsätze von 2023 auf 2024 verdoppelt hat. Die Finanzierung erfolgt, während Texas 2024 einen Meilenstein erreicht, da die Solarenergie zum ersten Mal in der Geschichte des Staates mehr Strom erzeugt als Kohle.
- Secured $77.6 million in construction credit facilities
- Plans to activate 2 GWh+ of battery storage by 2028
- Tripled installed and in-construction asset base
- Doubled integration revenues from 2023 to 2024
- None.
Insights
The $77.6 million construction credit facility secured by On.Energy represents a significant validation of the battery storage sector's bankability and highlights the increasing institutional appetite for grid-scale energy storage investments. The deal structure, combining Pathward's construction facility with BridgePeak's capital, demonstrates the evolution of project finance in the energy storage space, moving beyond traditional power generation financing models.
Several key factors make this deal particularly noteworthy:
- The rapid execution timeline - securing project financing for 240 MWh in under 12 months indicates strong market confidence and efficient development capabilities
- The company's integration revenue doubled from 2023 to 2024, suggesting robust operational execution and market demand
- The strategic timing aligns with Texas's energy transition, where solar generation recently surpassed coal, creating increased demand for storage solutions to manage intermittent renewable generation
The expansion from 80 MWh to a planned 2 GWh+ by 2028 positions On.Energy to capitalize on the growing need for grid stabilization services in volatile power markets. This is particularly relevant in Texas, where extreme weather events and rapid renewable integration have highlighted the critical need for energy storage infrastructure.
For Pathward (CASH), this deal strengthens its position in the renewable energy lending sector, diversifying its portfolio while participating in high-growth infrastructure projects. The multi-project construction facility structure suggests potential for ongoing relationship-based lending opportunities as the sector continues to expand.
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
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
“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
“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
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128531313/en/
On.Energy:
Shizuno Furuya
305.607.2764
marketing@on.energy
Pathward:
Courtney Heidelberg
605.291.7044
mediarelations@pathward.com
BridgePeak:
info@BridgePeak.com
Source: Pathward
FAQ
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