Distributed energy company Scale Microgrids has closed US$275 million to support 140MW of distributed generation projects, including battery storage installations, in several US states.
The transaction was led by KeyBanc Capital Markets, Cadence Bank, and New York Green Bank, with Investec, Mitsubishi HC Capital America, and Connecticut Green Bank as additional lenders.
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Scale Microgrid’s projects will include battery storage, microgrids, and community-scale solar and storage installations across New York, Pennsylvania, New Jersey, Connecticut and California.
The company says that many of these projects are already under construction and will enter operation in 2025 and 2026.
Notably, this latest financing also brings the company’s total financing raised to date to over US$1 billion.
Connecticut Green Bank worked with Scale Microgrids in March to secure financing for a thermal loop project in Bridgeport, Connecticut.
The 9.6MW project is a combined heat and power (CHP) fuel cell. Fuel cells convert natural gas into hydrogen through a steam methane reforming (SMR) process and generate combustion-free electricity.
Earlier this year, EQT Infrastructure Technology, an investor, agreed to purchase Scale Microgrids from the private equity firm Warburg Pincus and additional shareholders.
That was EQT’s first North American investment and followed shortly after the company acquired German BESS developer-operator ju:niz Energy.
Microgrids are regularly being recognised for their resiliency and ability to integrate with other renewable energy projects.
California has had a string of microgrid projects being developed and microgrid-related developments.
The state has had other successful microgrid projects, such as the Redwood Coast Airport Microgrid, in Humboldt County.
One of the state’s primary investor-owned utilities (IOUs), San Diego Gas & Electric (SDG&E) brought online a portfolio of four microgrids with 180MWh of battery storage in 2024.
Bert Hunter, chief investment officer for Connecticut Green Bank said of working with Scale Microgrids:
“This marks the third transaction we have undertaken with Scale, as their company makes a significant impact on distributed resources and battery storage in Connecticut.”
“One great example is the Bridgeport thermal loop, which will supply energy to the grid while reducing heating costs for local organisations and generating tax revenues for the city.”
