Green Charge Networks Closes Non-Recourse Debt Funding from Ares Capital Corporation to Finance Energy Storage Portfolio
Green Charge Networks, the largest provider of commercial energy storage in the US recently announced $20 million in non-recourse project finance debt plus a $30 million accordion from Ares Capital Corporation. The financing will be used to fund Green Charge’s rapidly growing Power Efficiency Agreement portfolio that includes equipment, construction, operations and maintenance of behind-the-meter projects. Green Charge has more than 31.3 megawatt hours of energy storage projects in operation or under construction ranging from school districts, retail, governments and utilities. Green Charge’s projects are the energy storage industry’s first to be financed through non-recourse debt.
Green Charge offers its customers the industry’s first no-cost, performance-based financing model, the Power Efficiency Agreement. Energy storage helps customers lower their utility bills, support renewable energy generation and promotes grid stability. Green Charge’s school district customers alone expect to save more than $36 million using energy storage without having to pay any upfront cost or any ongoing payments.
“This financing gives Green Charge the ability to grow relationships with our existing customer base and extend our growing portfolio of projects,” said Vic Shao, CEO at Green Charge. “This is a significant milestone for Green Charge and the energy storage industry. We’ve proven that energy storage systems can provide a reliable value stream to our customers and investors.”