On.Energy closes $77.6 million construction credit agreement from Pathward to build its new 160 MWh portfolio
Summary
HOUSTON Jan. 28, 2025 On.Energy, one of North Americas fastest growing power asset owners and proven end-to-end integrator of battery energy storage projects, today announced it has closed construction credit facilities provided by Pathward\xae, N.A. None of this would be possible without these best-in-class partners: Pathward and BridgePeak.Texas reached a milestone in 2024, marking the first time that solar power generated more electricity than coal in the state, according to the Institute for Energy Economics and Financial Analysis. As Texas continues its prolific energy transition, On.Energy is providing the solutions to ensure grid reliance and resilience, said Christopher Soupal, Pathward Divisional President and Revenue Lending Officer. Pathwards multi-project construction facility with On.Energy is another example of our commitment to the U.S. renewable energy sector, and we are proud to be their lending partner.We continue to identify and partner with the best-in-class developers and Independent Power Producers in each technology and sub-market across the U.S., said Shawn Andrews, CEO of BridgePeak. From its headquarters in Miami and offices in Texas, California, Mexico, Peru, and Chile, this experienced team leverages its proprietary On.Command energy management system to implement customized, A.I.-driven, turnkey solutions that support peak shaving, energy arbitrage, frequency regulation, UPS/backup power, wholesale market integration, and microgrid operations for utilities, system operators, and C&I customers across the Americas.