Convergent Energy and Power, a leading provider of distributed energy storage solutions in North America, announced that it has closed a programmatic construction-to-term loan, tax equity bridge loan, and letter of credit facility with Mitsubishi UFJ Financial Group (MUFG). The funding will provide capital for Convergent to accelerate the construction of its energy storage and solar PV portfolio across North America.
This facility is structured so Convergent will receive funding for its near-term distributed-scale systems as it breaks ground on hundreds of millions of dollars of additional energy storage and solar PV systems. And the initial facility anticipates $150 million in funding and provides a framework for future financing rounds as Convergent adds to its existing pipeline of over $1 billion in opportunities.
Convergent has over a decade of expertise in financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. And the company’s industrial and utility-scale assets can yield seven-figure savings while advancing the clean energy transition.
Convergent has over 800 MW / 1 GWh of energy storage and solar-plus-storage systems operating or under development and over $1 billion invested in or committed to systems in operation or under development.
KEY QUOTES:
“This construction facility ensures that we will continue to be a leader in providing cheaper, cleaner, and more reliable energy to businesses and utilities. Distributed generation assets are integral to the clean energy transition and provide critical infrastructure to modernize our aging power grid. We applaud MUFG for recognizing the strength of Convergent’s platform and look forward to expanding our partnership in the years to come as we meet the growing demand for more cost-effective, reliable, clean energy solutions—particularly battery storage.”
- Convergent’s CFO and Co-Founder, Frank Genova
“Convergent has emerged as a leading platform in the clean energy transition through its ability to get systems built efficiently and cost-effectively. As demand for electricity rises, distributed generation assets, like battery storage, will support the delivery of clean, reliable power. We’re proud to offer a customized and long-term financing solution to Convergent as it continues its strong track record of bringing critical energy storage solutions online.”
- Fred Zelaya, Managing Director, MUFG
