Hecate Grid closes $98.9 million credit facility package

By Mary-Katherine Stinson

Lexington, Ky., Feb. 7 – Hecate Grid, a joint venture between Hecate Energy and Infrared Capital Partners Ltd., announced the recent close of a $98.9 million six-year credit facility package to recapitalize its operating assets and fund the construction of a portfolio of standalone battery storage assets in Southern California, according to a press release.

The package includes a $79.5 million term loan and $19.4 million letter-of-credit facility.

PEI Global Partners acted as Hecate’s and Infrared Capital’s financial adviser on this financing, and Winston & Strawn acted as the borrower’s counsel.

Milbank acted as the lenders' counsel.

CoBank, Societe Generale and National Bank of Canada participated in the financing.

The facility package is collateralized by Hecate Grid's energy storage projects without a guarantee or other credit support.

Hecate’s 290-megawatt-hour energy storage portfolio includes four standalone battery energy storage assets, of which one is operational and three are in construction.

Hecate Grid is an independent power producer focused on developing, building, owning and operating standalone energy storage projects. Originally incubated within the renewable energy development firm Hecate Energy, Hecate Grid is now a standalone business funded by international investment manager InfraRed Capital Partners Ltd.

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