Hecate Grid closes $98.9m credit facility

Independent power producer Hecate Grid’s plan to significantly increase the large-scale deployment of standalone storage received a boost with the close of a six-year $98.9 million credit facility package to recapitalise its operating assets and fund the construction of a portfolio of standalone battery storage assets in Southern California. The debt facility package includes a $79.5 million term loan and $19.4 million letter of credit facility, is collateralised by Hecate Grid’s energy storage projects without a guarantee or other credit support.