Financing advances Hecate Grid's U.S. energy storage pipelineCHICAGO, 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 GridLaunched 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, an independent power producer (IPP) developing utility-scale battery storage assets, has raised US$98.9 million through lenders.