Leyline Renewable Capital, a provider of pre-construction debt and equity capital for renewable energy development, has announced a new partnership with Momentum Energy Storage Partners, an energy storage developer based in Columbus, Ohio, US. Leyline's funding will facilitate the development of numerous renewable energy projects across the US, including existing endeavours underway within the Pennsylvania, Jersey and Maryland Power Pool (PJM) and Electric Reliability Council of Texas (ERCOT) regions.
Momentum Partners and co-founders Davion Hill and Ed Rode have a collective 45 years in the renewable energy space with deep technical expertise and a vast network. This experience, combined with Leyline's financial capabilities and extensive development knowledge, will allow the two companies to take on new storage markets and ultimately move the needle in the fight against climate change.
"The Momentum team has a wealth of experience in energy storage," said Erik Lensch, Chief Executive Officer of Leyline. "Through this partnership, Leyline will provide financing and guidance to help Momentum grow its business and achieve success. This investment commitment will provide the capital needed to support the development of up to 2 GW of stand-alone battery storage and solar, plus storage projects representing US$2 billion in capital investments. We look forward to a long and mutually beneficial relationship with the Momentum team."
Before an energy storage project can get off the ground, it requires extensive development work, including land contracts, permits, interconnection agreements and other preparations. Leyline will support Momentum and help fund the activities that occur before Momentum receives construction financing from long-term investors. Momentum will package projects with the necessary performance guarantees, revenue contracts, and long-term operations and maintenance (O&M) through its partner networks.
"The time is now to invest in energy storage – renewables and the growing threat of climate change are going to require energy storage, and lots of it," said Davion Hill, Momentum co-founder and partner.
"Leyline provides us not just the funding we need, but additional development experience to help us grow our business," said Ed Rode, Momentum co-founder and partner. "This partnership with Leyline accelerates our business to larger scales. We look forward to utilising the teams' collective knowledge to enable more renewables and fight climate change."
For more news and technical articles from the global renewable industry read our latest issue of Energy Global magazine.
The Winter issue of Energy Global provides a range of technical articles covering technological advancements and future outlooks in the renewables sector, from companies including CorPower Ocean, Rystad Energy, Black & Veatch, Voltalia, FUERGY, and more.
Read the article online at: https://www.energyglobal.com/energy-storage/03022021/momentum-energy-storage-partners-teams-up-with-leyline-renewable-capital-partners/