Convergent Energy and Power Closes Programmatic Tax Equity Financing with East West Bank

Rhea-AI Summary

Convergent Energy and Power has secured a programmatic tax equity financing deal with East West Bank to support its energy storage portfolios in New York and Maryland, as well as its broader 2025 North American portfolio. The funding will help provide cost-effective and sustainable electricity to over 8,000 customers. The company currently has over 800 MW / 1 GWh of energy storage and solar-plus-storage systems operating or under development, with over $1bn invested or committed to systems.

Positive

• Over $1bn invested or committed to systems in operation or under development
• Portfolio capacity of 800 MW / 1 GWh of energy storage and solar-plus-storage systems
• Secured new tax equity financing to expand operations
• Current infrastructure serves 8,000+ customers

Negative

• None.

Insights

Financial Analyst

This tax equity financing deal marks a significant milestone for both EWBC and Convergent Energy. The partnership strengthens East West Bank's position in the rapidly growing energy storage sector while diversifying its sustainable finance portfolio. The deal will support projects serving over 8,000 customers and contributes to Convergent's impressive 800 MW / 1 GWh portfolio. With Convergent having $1 billion invested or committed to systems, this programmatic financing structure suggests potential for ongoing collaboration and recurring revenue streams for EWBC. The bank's strategic move into sustainable infrastructure financing aligns with broader market trends and regulatory pushes for grid resilience and clean energy adoption. This positions EWBC well for capturing market share in the growing sustainable finance sector.

Financing deal will support Convergent’s current energy storage portfolios in New York and Maryland, and its broader 2025 portfolio across North America

NEW YORK--(BUSINESS WIRE)-- Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced that it has closed a programmatic tax equity financing deal with East West Bank. The funding will be used for Convergent’s New York and Maryland energy storage portfolios, which can provide more cost-effective, reliable, and sustainable electricity to over 8,000 customers. The deal, originated by Greenprint Capital, also supports Convergent’s broader 2025 portfolio across North America.

“The need for energy storage has never been more pressing and this tax equity financing will allow Convergent to bring grid reliability to communities on the East Coast,” said Convergent’s CFO and Co-Founder, Frank Genova. “We’re thrilled to partner with East West Bank, which recognizes the value of Convergent’s assets and a broader programmatic partnership. We look forward to working together to build a more resilient and sustainable electric grid.”

“East West Bank’s support of Convergent, a leader in the energy storage sector, furthers their mission to develop and scale energy storage solutions,” said Ken Edens, Senior Vice President, Sustainable Finance, at East West Bank. “This initial deal—and our programmatic collaboration—reflects our commitment to helping innovators improve and build the energy landscape of the future.”

Convergent has over 800 MW / 1 GWh of energy storage and solar-plus-storage systems operating or under development and over $1bn invested in or committed to systems in operation or under development.

About Convergent Energy and Power

Convergent Energy and Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company’s commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent’s proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. Convergent has over $1bn invested in or committed to assets in operation or under development across North America. For more information, visit convergentep.com or follow us on LinkedIn.

About East West Bank

East West provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: “EWBC”) with total assets of $72.5 billion as of September 30, 2024. The Company’s whollyowned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank’s markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit www.eastwestbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121367729/en/

Convergent Press

Kate Siskel

SVP, Marketing and Communications

Convergent Energy and Power

ksiskel [at] convergentep.com

917-508-0274



East West Bank Press

CorporateCommunications@EastWestBank.com

Source: Convergent Energy and Power

FAQ

What is the total capacity of Convergent Energy's storage systems portfolio?

Convergent Energy has over 800 MW / 1 GWh of energy storage and solar-plus-storage systems operating or under development.

How many customers can Convergent's New York and Maryland energy storage portfolios serve?

Convergent's energy storage portfolios in New York and Maryland can provide electricity to over 8,000 customers.

How much has Convergent invested in its energy storage systems?

Convergent has over $1bn invested in or committed to systems in operation or under development.

What is the purpose of Convergent's new financing deal with East West Bank?

The tax equity financing deal will support Convergent's current energy storage portfolios in New York and Maryland, and its broader 2025 portfolio across North America.