Leyline, Starwood Energy and APV to form JV

Leyline Renewable Capital and Starwood Energy have teamed up with American Power Ventures to form a joint venture.

Leyline Renewable Capital and Starwood Energy have teamed up with American Power Ventures to form a joint venture. The JV will develop and finance two standalone battery storage projects. No financial terms were disclosed.

PRESS RELEASE

DURHAM, N.C., June 30, 2021 /PRNewswire/ — Leyline Renewable Capital (“Leyline”), a leading provider of debt and equity capital for renewable energy development and construction, and Starwood Energy Group Global (“Starwood Energy”), a private investment firm that specializes in energy infrastructure investments, today announced a newly formed joint venture that will partner with American Power Ventures (“APV”) to develop and finance two standalone battery storage projects. The joint venture provides unique access to development capital, development support, and permanent financing, and is open to finance other developers in the renewables space.
The joint venture is providing APV with capital to develop battery storage projects in the Virginia PJM territory and Texas ERCOT territory with a total capacity of 400 MWac/1400 MWh. These battery storage developments will reinforce the intermittency of renewable energy assets and subsequently improve the reliability of the power grids in Virginia and Texas.

“As high demand strains the power grid, Leyline, Starwood Energy, and APV unite the necessary capital, financial knowledge, and power development expertise to have a major impact,” said Erik Lensch, CEO of Leyline. “This partnership has the potential to not only sustainably support power grids in Virginia and Texas, but to use renewable energy to combat climate change that amplifies the demand on the grid.”

Starwood Energy intends to purchase the assets of the battery storage projects post-development. Starwood’s collaboration and joint investment with Leyline during the development phase positions APV and these projects for success.

“Starwood Energy is very focused on investing in projects that provide critical benefits to the power grid, while continuing to be good stewards for the environment,” said Himanshu Saxena, CEO of Starwood Energy. “We are pleased to partner with Leyline and APV to make these battery storage projects a reality. We look forward to supporting more developers and projects in this space.”

New Jersey-based APV managed or developed more than 5 GW of power since its inception in 2011. With extensive experience in development and asset management of conventional power, APV will leverage these experiences to expand its reach into renewable energy through the development of battery storage projects. “Leyline and Starwood Energy look forward to fostering a fruitful, lasting partnership with APV by supporting its ventures into renewable energy,” added Lensch.

“Both Starwood Energy and Leyline are experts in the renewable energy financing space, especially in the emerging battery storage market,” said John Seker, APV CEO. “APV sees battery storage as an important area for growth over the next decade and beyond, and we’re excited to do our part to combat climate change with these important partners.”

Renewable energy developers interested in seeking capital for their projects can learn more here.

About Leyline Renewable Capital
Leyline Renewable Capital invests in the development, construction, and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gaps between development, construction, and operations. By investing in both the pre- and post-construction phases of renewable energy projects, Leyline is able to accelerate the development process and help developers scale their business. Leyline leverages a broad base of experience in greenfield project development, design, construction, and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation. Leyline actively promotes anti-racism and diversity in the renewables industry and reports quarterly on its environmental impact and social change efforts. Learn more about Leyline Renewable Capital at https://leylinecapital.com.

About Starwood Energy Group
Starwood Energy Group is a private equity investment firm based in Greenwich, Conn. that specializes in energy infrastructure investments. Through its existing general opportunity funds and affiliated investment vehicles, Starwood Energy manages total equity commitments of approximately $3 billion and has executed transactions totaling more than $8 billion in enterprise value. For more information, please visit www.starwoodenergygroup.com.

About American Power Ventures
American Power Ventures develops and manages power generation and infrastructure projects. Our mission is to balance the needs of all stakeholders, while executing and delivering on our projects in a transparent, cost-effective, and socially responsible manner. For more information, please visit www.apv-mw.com.