Financing advances Hecate Grid's U.S.
energy storage pipeline
CHICAGO, June 18,
2024 /PRNewswire/ -- Hecate Grid, a joint venture
between an InfraRed Capital Partners managed fund ("InfraRed") and
Hecate Energy, today announced the recent close of a 4-year
$125 million Letter of Credit ("LC")
facility with Mitsubishi UFJ Financial Group ("MUFG"). The facility
will be used to finance interconnection and offtake security for
Hecate Grid's portfolio of more than 30 standalone energy storage
projects.
"Hecate Grid is committed to deploying energy storage that
enables the transition to zero-carbon electricity while sustaining
the reliability of the power grid," said John Bonner, Hecate Grid's Head of Finance. "The
financial resources provided by MUFG will substantially augment
Hecate Grid's ongoing growth program."
Stephane Kofman, Partner and Head
of Value-add funds at InfraRed, said: "Hecate Grid is playing an
important role in accelerating America's renewable energy
transition and this facility further reinforces our growth ambition
for the company."
Alberto Mihelcic Bazzana,
Director at MUFG, said: "MUFG is pleased to partner with Hecate
Grid as it deploys the energy storage resources needed to
facilitate the effective and reliable integration of renewable
resources into the electric system."
Macquarie Capital served as financial advisor to Hecate Grid.
Millbank acted as borrowers' legal counsel and Paul Hastings acted as lenders' counsel.
About Hecate Grid
Launched in 2018, Hecate Grid is an independent power producer
focused on developing, building, owning, and operating stand-alone
energy storage projects. Originally incubated within the renewable
energy development firm Hecate Energy, Hecate Grid is now a
stand-alone business jointly owned by a fund managed by
international asset manager InfraRed Capital Partners Limited,
which manages $13 billion of equity
capital. Hecate Grid has an active project pipeline of over six
gigawatts of energy storage projects in development throughout the
U.S. For more information on Hecate Grid, please visit
www.hecategrid.com.
About InfraRed Capital Partners
InfraRed Capital Partners is an international infrastructure
asset manager, with more than 160 professionals operating worldwide
from offices in London,
Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has
established itself as a highly successful developer and steward of
infrastructure assets that play a vital role in supporting
communities. InfraRed manages US$13bn+ of equity capital for
investors around the globe, in listed and private funds across both
core and value-add strategies. InfraRed is part of SLC Management,
the institutional alternatives and traditional asset management
business of Sun Life. InfraRed represents the infrastructure equity
arm of SLC Management, which also incorporates BGO, a global real
estate investment management adviser, and Crescent Capital, a
global alternative credit investment asset manager.
About MUFG and MUFG Americas
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the
world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG
has a global network with approximately 2,100 locations in more
than 50 countries. MUFG has nearly 160,000 employees and offers
services including commercial banking, trust banking, securities,
credit cards, consumer finance, asset management, and leasing. The
Group aims to be "the world's most trusted financial group" through
close collaboration among our operating companies and flexibly
respond to all the financial needs of our customers, serving
society, and fostering shared and sustainable growth for a better
world. MUFG's shares trade on the Tokyo, Nagoya, and New
York stock exchanges. MUFG's Americas operations, including
its offices in the U.S., Latin
America, and Canada, are
primarily organized under MUFG Bank, Ltd. and subsidiaries, and are
focused on Global Corporate and Investment Banking, Japanese
Corporate Banking, and Global Markets. MUFG is one of the largest
foreign banking organizations in the Americas. For locations,
banking capabilities and services, career opportunities, and more,
visit www.mufgamericas.com.
Media Contact:
Hecate Grid
Steven C.
Sullivan
sullivan@powerny.com
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SOURCE Hecate Grid