Leyline Renewable Capital and Starwood Energy Group Partner with American Power Ventures to Bring Reliability to the Power Grid

DURHAM, N.C., June 30, 2021 -Leyline Renewable Capital ("Leyline"), a leading provider of debt and equity capital for renewable energy development and construction, and Starwood Energy Group Global ("Starwood Energy"), a private investment firm that specializes in energy infrastructure investments, today announced a newly formed joint venture that will partner with American Power Ventures ("APV") to develop and finance two standalone battery storage projects. The joint venture provides unique access to development capital, development support, and permanent financing, and is open to finance other developers in the renewables space.

The joint venture is providing APV with capital to develop battery storage projects in the Virginia PJM territory and Texas ERCOT territory with a total capacity of 400 MWac/1400 MWh. These battery storage developments will reinforce the intermittency of renewable energy assets and subsequently improve the reliability of the power grids in Virginia and Texas.

"As high demand strains the power grid, Leyline, Starwood Energy, and APV unite the necessary capital, financial knowledge, and power development expertise to have a major impact," said Erik Lensch, CEO of Leyline. "This partnership has the potential to not only sustainably support power grids in Virginia and Texas, but to use renewable energy to combat climate change that amplifies the demand on the grid."

Starwood Energy intends to purchase the assets of the battery storage projects post-development. Starwood's collaboration and joint investment with Leyline during the development phase positions APV and these projects for success.

"Starwood Energy is very focused on investing in projects that provide critical benefits to the power grid, while continuing to be good stewards for the environment," said Himanshu Saxena, CEO of Starwood Energy. "We are pleased to partner with Leyline and APV to make these battery storage projects a reality. We look forward to supporting more developers and projects in this space."

New Jersey-based APV managed or developed more than 5 GW of power since its inception in 2011. With extensive experience in development and asset management of conventional power, APV will leverage these experiences to expand its reach into renewable energy through the development of battery storage projects. "Leyline and Starwood Energy look forward to fostering a fruitful, lasting partnership with APV by supporting its ventures into renewable energy," added Lensch.

"Both Starwood Energy and Leyline are experts in the renewable energy financing space, especially in the emerging battery storage market," said John Seker, APV CEO. "APV sees battery storage as an important area for growth over the next decade and beyond, and we're excited to do our part to combat climate change with these important partners."

Renewable energy developers interested in seeking capital for their projects can learn more here.

To view on PR Newswire, click here.