US storage and solar developer-operator Lightshift Energy, along with KeyBanc Capital Markets, have closed a US$75 million credit facility.
The US$75 million facility will be used to support Lightshift’s pipeline of energy storage projects across the East Coast.
The facility includes a term loan, a construction-to-term loan, and a tax equity bridge loan.
Lightshift says the financing supports six of its operational projects and enables the company to advance 10 projects that are in or nearing construction.
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The initial portfolio includes Lightshift’s 16MW/52MWh battery energy storage system (BESS) in Vermont. That project is scheduled to come online in early 2026 and will be Vermont’s largest BESS.
Lightshift’s project will be built at the manufacturing facility of semiconductor manufacturer GlobalFoundries (GF) in Essex Junction, Vermont. It will connect directly to GF’s switchyard.
The company emphasised that the financing from KeyBanc is designed to offer flexible, scalable capital as Lightshift’s utility and corporate partners aim to address increasing power needs and overcome cost issues related to transmission constraints and the integration of large loads caused by data centres.
Lightshift, formerly Delorean Power, raised US$100 million from two different sustainable infrastructure funds managed by Greenbacker Capital Management, with an 80/20 split, in April 2024.
In July, the company announced financial close of a US$40 million credit facility with Aiga Capital Partners.
Lightshift stated that the facility would support its expanding portfolio through funding interconnection and power purchase agreement (PPA) security requirements, equipment deposits, and other purposes.
At the time of that announcement, the company also revealed an 11MW project in Danville, Virginia. Danville II is Lightshift’s second BESS in this city. To support regional projects, Lightshift secured US$1.5 million from the Virginia Tobacco Region Revitalisation Commission’s Energy Ingenuity Fund.
