On.Energy has closed construction credit facilities to build a 160 MWh Palo de Agua battery storage portfolio across Texas. These facilities were provided by Pathward and BridgePeak Energy Capital.
Furthermore, this new financing will enable On.Energy to expand its US business operations. The company currently has 80 MWh of operational assets in Houston and plans to activate over 2 GWh of battery energy storage across California, Texas, and Mexico by 2028.
In July 2024, Intersect Power secured $837 million through two separate transactions to finance the construction and operation of three standalone BESS in Texas. The three BESS projects – Lumina I, Lumina II, and Radian are scheduled to be operational in 2024. Each of these will provide 320 MWh of battery storage capacity with a two-hour duration.
