First Energy Storage Industry Portfolio Financed Through Non-Recourse Debt
Santa Clara, Calif. January 14, 2016 – Green Charge Networks, the largest provider of commercial energy storage in the US today announced $20 million in non-recourse project finance debt plus a $30 million accordion from Ares Capital Corporation (Nasdaq: ARCC). The financing will be used to fund Green Charge’s rapidly growing Power Efficiency Agreement portfolio that includes equipment, construction, and operations and maintenance of behind-the-meter projects. Green Charge has more than 31.3 megawatt hours of energy storage projects in operation or under construction ranging from school districts, retail, governments and utilities. Green Charge’s projects are the energy storage industry’s first to be financed through non-recourse debt.
Green Charge offers its customers the industry’s first no-cost, performance-based financing model, the Power Efficiency Agreement. Energy storage helps customers lower their utility bills, support renewable energy generation and promotes grid stability. Green Charge’s school district customers alone expect to save more than $36 million using energy storage without having to pay any upfront cost or any ongoing payments.
“This financing gives Green Charge the ability to grow relationships with our existing customer base and extend our growing portfolio of projects,” said Vic Shao, CEO at Green Charge. “This is a significant milestone for Green Charge and the energy storage industry. We’ve proven that energy storage systems can provide a reliable value stream to our customers and investors.”
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company (“BDC”) and as of September 30, 2015, was the largest BDC by total assets and market capitalization. Ares Capital is externally managed by a subsidiary of Ares Management, L.P. (“Ares Management”) (NYSE:ARES). Ares Management is a publicly traded, leading global alternative asset manager. For more information about Ares Capital Corporation, visit www.arescapitalcorp.com.
About Green Charge Networks
Green Charge provides the easiest way to save energy costs for commercial and industrial businesses, municipalities and schools. Our award-winning solution delivers industry leading savings, up to 50 percent in demand charges. We provide risk-free financed energy storage and software that time-shifts power use, and optimizes electric vehicle charging, solar and energy efficiency measures. Founded in 2009 Green Charge is headquartered in Santa Clara, Calif., with offices in NYC and San Diego. For more information, visit www.greencharge.net or follow us on Twitter @GreenChargeNet.