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Leyline JV provides financing for battery projects [free access]

July 7, 2021

Recently, the sector-focused investment group Leyline Renewable Capital, which provides debt and equity capital, has formed a joint venture (JV) with energy infrastructure investment company Starwood Energy Group, to fund the execution of two battery energy storage projects in Virginia and Texas, with a total capacity of 400 MW/1,400 MWh.

 

The JV has formed a partnership with American Power Ventures for the development and financing of the battery storage capacity, which will be in the two key regional wholesale markets operated by PJM Interconnection in Virginia, and the Electricity Reliability Council of Texas (ERCOT) in Texas.

 

In Virginia, the State has committed to going 100 per cent emissions-free in its energy sector by 2040 and enacted a 3.1 GW energy storage target by 2035. In Texas, post the mid-February winter crisis, the electric grid regulators opined that the State would have to develop vast supplies of power storage, such as energy storage batteries, which could compensate for weather-related spikes in demand.