Enertis Applus+ delivers expertise for Lightshift Energy
By providing an array of Independent Engineering (IE) battery energy storage system (BESS) services, global renewables engineering consultancy, Enertis Applus+, helped Lightshift Energy (Lightshift) to secure a $75 million credit facility from KeyBanc Capital Markets. The credit facility will support Lightshift’s rapidly growing pipeline of energy storage projects across the East Coast.
Lightshift is a developer, owner, and operator of battery energy storage projects across the U.S. KeyBanc Capital Markets (KBCM) is the corporate and investment banking arm of Cleveland based KeyCorp (NYSE:KEY).
“We’re proud to have played a role in Lightshift’s successful financing by bringing our independent technical and financial expertise to their growing energy storage portfolio. As energy storage takes center stage in the transition to a more resilient and flexible grid, our focus is on helping investors and developers alike make sound, data-driven decisions that enhance value and minimize risk,” said Iñaki Herrero, Enertis Applus+ Managing Director for North America.
The IE BESS services that Enertis Applus+ provided for Lightshift included reviews of:
Energy storage system (ESS) supply agreement
ESS agreement
Long-term services agreement (LTSA)
Engineering, Procurement and Construction (EPC) contract
Interconnection agreement (IA)
Project design
Financial model
Useful life plan
These services are crucial because they ensure that the technical and financial aspects of each project are thoroughly evaluated, reducing risks, supporting successful financing, and assuring long-term operational reliability.
The financing backs six of Lightshift’s operational projects while also enabling the advancement of 10 projects currently in and nearing construction. It further lays the groundwork for another large wave of Lightshift’s project pipeline as the company transitions into a phase of significant growth.
“This transaction marks a major milestone for the industry through project financing for a fleet of batteries across diverse regions and offtakers, all with the same operational objective, to provide firm capacity to the grid in the fastest most impactful way possible,” said Rory Jones, Co-Founder and Managing Partner of Lightshift.
