On.Energy Closes $25 Million Working Capital Facility With Lombard Odier Investment Managers
25 Abril 2024 - 3:41PM
Business Wire
On.Energy, a growing North America electric power asset owner
and proven end-to-end integrator of battery energy storage systems
(“BESS”), today announced it has closed a senior secured first lien
facility with Lombard Odier Investment Managers (“LOIM”) on behalf
of funds under its management, including the LOIM Sustainable
Private Credit Strategy (“Strategy”). The facility will help
On.Energy amplify and accelerate project development efforts as the
company continues to expand its U.S. asset base, including a
further 400MWh portfolio in ERCOT and a combined 1.1 GWh in
development across California and Texas. The financing is
architected to support costs typically subject to less-efficient
financing in market today, including site control, engineering and
interconnection, project and interconnection bonding, and project
M&A.
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“We are proud to work with LOIM following referral from an
existing Strategy portfolio company given its reputation for
creating innovative and aligned capital solutions. Despite
tailwinds from the Inflation Reduction Act (IRA), structured
financial solutions with top-tier partners like Lombard Odier
Investment Managers are essential to put critically-needed,
resilient storage capacity online,” said On.Energy CEO Alan Cooper,
who led the transaction together with CFO David Fernandes. “Across
the country, electrical grids are more vulnerable now than ever –
particularly as unprecedented growth of low-cost intermittent
renewables continues to drive grid decarbonization. Our solutions
enable industrial customers and power grids to operate more
efficiently while supporting the transition to net zero.”
Jean-Pascal Porcherot, Co-Head of LOIM and Managing Partner,
Lombard Odier Group commented: “We are pleased to further leverage
our private markets platform and expertise in delivering a tailored
capital solution for On.Energy. Their impressive track record of
sustainable real asset creation speaks to the strength of the
opportunity set in catalyzing scale for non-sponsored providers of
climate solutions.”
Thomas Hohne-Sparborth, Head of Sustainability Research at LOIM
added: “At Lombard Odier, we believe private assets present a
compelling pathway for investing in pure-play climate solution
providers, including those who play a pivotal role in the
electrification of our economy. We see aligned opportunities to
support and accelerate these business models by leveraging our
sustainability capabilities.”
About On.Energy
On.Energy is a fully integrated energy storage solutions
provider and IPP. From its headquarters in Miami and offices in
Texas, California, Mexico, Peru, and Chile, On.Energy’s experienced
team leverages its proprietary On.Command ™ energy management
system to implement customized, 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. Learn more about On.Energy at www.on.energy.
About Lombard Odier Investment Managers
Lombard Odier Investment Managers (LOIM) is the institutional
asset management business of the Lombard Odier Group, wholly owned
and funded by its partners since its establishment in 1796.
We provide a range of investment solutions to a diverse group of
long-term oriented clients. Our heritage, and our combination of
the best of conservatism and innovation, keeps us well positioned
to create lasting value for our clients. Our investment
capabilities span fixed income, convertible bonds, equities,
multi-asset, and alternatives. Sustainability is central to our
investment philosophy; we believe it is the founding principle of
long-term economic and investment outcomes and will drive returns
over the long term.
With 209 investment professionals, we are a global business with
a network of 13 offices across Europe, Asia and North America and
have assets under management of CHF 62 billion (as at 31 December
2023).
For more information: www.lombardodier.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240425338100/en/
On.Energy Contact: Aleida Perez Oliva email:
aperez@on.energy tel: +1 786 450 2681 LOIM PR Contact:
Celeste Herriger email: c.herriger@lombardodier.com tel: +41 44 214
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