Leyline Renewable Capital Partners with Momentum Energy Storage Partners, Invests in Growing Energy Storage Market
Leyline’s funding will help Momentum develop projects that move the needle in the fight against climate change
DURHAM, N.C., Feb. 2, 2021 — Today, Leyline Renewable Capital, a leading provider of pre-construction debt and equity capital for renewable energy development, announced a new partnership with Momentum Energy Storage Partners, an energy storage developer based in Columbus, Ohio. Leyline’s funding will facilitate the development of numerous renewable energy projects across the United States, including existing endeavors underway within the Pennsylvania, Jersey and Maryland Power Pool (PJM) and Electric Reliability Council of Texas (ERCOT) regions.
Momentum Partners and co-founders Davion Hill and Ed Rode have a collective 45 years in the renewable energy space with deep technical expertise and a vast network. This experience, combined with Leyline’s financial capabilities and extensive development knowledge, will allow the two companies to take on new storage markets and ultimately move the needle in the fight against climate change.
“The Momentum team has a wealth of experience in energy storage,” said Erik Lensch, CEO of Leyline. “Through this partnership, Leyline will provide financing and guidance to help Momentum grow its business and achieve success. This investment commitment will provide the capital needed to support the development of up to 2GW of stand-alone battery storage and solar, plus storage projects representing $2 billion in capital investments. We look forward to a long and mutually beneficial relationship with the Momentum team.”
Before an energy storage project can get off the ground, it requires extensive development work, including land contracts, permits, interconnection agreements and other preparations. Leyline will support Momentum and help fund the activities that occur before Momentum receives construction financing from long-term investors. Momentum will package projects with the necessary performance guarantees, revenue contracts, and long-term operations and maintenance (O&M) through its partner networks.
“The time is now to invest in energy storage – renewables and the growing threat of climate change are going to require energy storage, and lots of it,” said Davion Hill, Momentum co-founder and partner.
“Leyline provides us not just the funding we need, but additional development experience to help us grow our business,” said Ed Rode, Momentum co-founder and partner. “This partnership with Leyline accelerates our business to larger scales. We look forward to utilizing the teams’ collective knowledge to enable more renewables and fight climate change.”
Renewable energy developers interested in partnering with Leyline Renewable Capital can learn more here.
About Leyline Renewable Capital
Leyline Renewable Capital invests in the development, construction and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gap between development and construction. By investing in the pre-construction phase of renewable energy projects, Leyline is able to accelerate the development process and help developers scale their business. Leyline leverages a broad base of experience in greenfield project development, design, construction and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation. Leyline actively promotes anti-racism and diversity in the renewables industry and reports quarterly on its environmental impact and social change efforts. Learn more about Leyline Renewable Capital at https://leylinecapital.com.
About Momentum Energy Storage Partners
Momentum Energy Storage Partners conducts the entire development process from inception to commissioning. After Notice to Proceed, Momentum manages construction funds, works with engineering firms and O&M providers, and oversees acceptance testing and commissioning processes. Momentum delivers projects with system operations that align with the project guarantees, revenue contracts, O&M plan and safety plans. Learn more about Momentum Energy Storage Partners at https://solvedbymomentum.com/.
To view on PR Newswire, click here.