Leyline Renewable Capital, a leading provider of flexible capital solutions for renewable energy developers, today (June 14) announced a partnership with utility-scale battery storage developer Grid Connected Infrastructure, LLC (GCI). Leyline's commitment will enable GCI to develop large-scale standalone battery energy storage system projects (BESS) across the U.S.
Founded in 2022, GCI has the goal of developing over one gigawatt of large-scale BESS capacity across the U.S. over the next four years. GCI President Mitch Bauer has been developing BESS systems since the utility-scale industry first became viable. Mitch spent a decade at major independent power producers where he developed more than 700 megawatts of utility-scale projects that are operating or under construction today.
Leyline's Growth Capital provided GCI with a non-dilutive loan facility of up to $22.5M to launch its greenfield project development process. With Leyline's financing, Mitch will be able to move quickly to acquire key real estate assets and build an expert development team over the next two years.
Leyline Growth Capital facilitates rapid growth for small, early-stage startups like GCI that have previous development and operational experience but lack assets or cash flow. In contrast to early-stage private equity investment, which invests in new teams in exchange for equity, Leyline Growth Capital provides non-dilutive debt. The loan is short-term, typically three to five years, and can be used to finance business development, fund acquisitions, and cover overhead.
"At Leyline, we believe that large-scale energy storage is critical for a reliable, low-carbon electric grid," said Erik Lensch, Leyline CEO. "Based on Mitch's excellent development track record and his strategic vision, we are excited to support GCI to expand energy storage capacity across the U.S."
GCI will be launching at least six projects over the next six months in tradable markets such as CAISO, NYISO, and ERCOT.
About Leyline Renewable Capital
Leyline Renewable Capital invests in the development, construction, and financing of 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 accelerates 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.
About GCI, LLC
GCI is an independent energy infrastructure development firm focused on utility scale energy storage projects. Our leadership consists of highly experienced energy storage project developers, who have worked in energy storage project development since 2013. GCI creates and systematically de-risks large-scale energy storage projects in a disciplined manner. Our data-driven, real-estate forward approach allows us to identify and secure project sites with lower than market development risk. Our experience bringing battery storage projects from idea to operation in markets like CAISO and ERCOT honed our skills and informed our strategy. Leyline's financing will provide us with both the funds to support greenfield project development and the working capital to build an industry-leading team.
Media Contact:
contact@leylinecapital.com
