Hecate Grid, a developer of energy storage projects in the United States, announced on Tuesday that it has successfully secured USD 125 million (EUR 116.6 million) in loans. The funding will primarily support interconnection and offtake security for a portfolio encompassing more than 30 standalone projects across the country.
In a press statement, John Bonner, head of finance at Hecate Grid, emphasized the significance of the financing arrangement: “The financial resources provided by MUFG will substantially augment Hecate Grid's ongoing growth programme.”
Advised by Macquarie Capital, Hecate Grid finalized a four-year letter of credit (LC) facility with Mitsubishi UFJ Financial Group (MUFG), highlighting confidence in the company's robust project pipeline and strategic expansion plans in the energy storage sector.
Established in 2018, Hecate Grid operates as a joint venture between Chicago-based renewables developer Hecate Energy and international investment manager Infrared Capital Partners Ltd (IRCP). The company boasts an active project pipeline exceeding 6 gigawatts (GW) of energy storage projects under development throughout the United States.
