Scale Microgrids gets $225 million project finance debt facility

By William Gullotti

Buffalo, N.Y., March 9 – Scale Microgrids closed on a first-of-its-kind non-recourse project finance debt facility totaling $225 million, according to a press release Thursday.

KeyBanc Capital Markets acted as joint lead arranger and structuring administrative agent.

City National Bank also acted as joint lead arranger.

Energetic Insurance provided a credit insurance policy which enabled access to the bank lending market.

Allen & Overy provided legal counsel to Scale, and Foley Lardner served as lender counsel.

Facility proceeds will be used to fund the construction and operations of a portfolio of microgrids, combined heat and power (CHP) systems, community solar, rooftop solar, battery energy storage systems and microgrid electric vehicle infrastructure projects in markets including California, Oregon, the District of Columbia, Pennsylvania, Delaware, Colorado, North Carolina, New Jersey and New York.

Details such as tenor and interest rate were not disclosed in the press release.

Scale is a vertically integrated distributed energy platform focused on designing, building, financing, owning and operating distributed energy assets.

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