On.Energy closes $40 million construction facility, permanent financing

By Marisa Wong

Los Angeles, Dec. 20 – On.Energy announced it closed both a construction facility totaling more than $40 million and permanent debt facilities for an 80 megawatt-hour portfolio in Texas (the Palo Verde Projects) with financing provided by Live Oak Bank.

The projects, set to come online in the third quarter of 2024, will support the balancing of the Ercot (Electric Reliability Council of Texas) grid by providing both ancillary services as well as arbitrage, according to a press release.

This project also integrates an investment tax credit transfer – among the first of its kind for merchant battery storage projects, the company said. The portfolio includes both greenfield development sites as well as projects acquired through M&A in mid-2023. The company continues to advance a pipeline of over 1GWh of utility-scale energy storage systems across Ercot, Caiso (California Independent System Operator) and beyond, with a follow-on portfolio of projects of 160 MWh expected to begin operation by Q3 2025.

On.Energy is an end-to-end integrator of battery energy storage and independent power producer based in Miami.

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