Leyline Renewable Capital, a leading provider of early-stage capital for renewable energy developers, announced $30mm in financing for solar and storage developer Accelergen Energy LLC. With the support of Leyline Growth Capital, Accelergen is planning to develop a multi-gigawatt pipeline of utility-scale solar and storage projects across multiple U.S. markets over the next four years.
Accelergen was founded by renewable energy veterans Thomas Houle and Josh Skogen, both with proven track records building renewable energy businesses. Tom spent the previous twelve years as Managing Director of Macquarie's Green Investment Group (GIG), which he joined after selling his wind and solar development company, Fremantle Energy to GIG. He has an extensive background in renewable energy development, project and platform investing, and management, and will serve as the company's CEO. Josh spent a majority of the last twelve years helping build sPower from a family office to a national player, ultimately being acquired by AES. As SVP of Development, he will play a key role in corporate strategy as well as heading up project development and execution.
"The only two constants in our industry are the ITC and continuous change. In order to successfully navigate this space, Leyline looks for experienced teams who can handle risk and manage volatility. And we couldn't ask for a team with deeper understanding and experience than Tom and Josh," said Todd Kice, Managing Director of Originations at Leyline. "I've known both of them for over a decade and can confirm our whole team is thrilled to get a chance to work with them and be a part of their success."
"Leyline Renewable Capital is well known in our industry as a premier development lender," said Thomas Houle, co-founder and CEO, Accelergen Energy, LLC. "The team worked closely with us to understand our specific needs and business goals, and we appreciate their expertise and agility in arranging financing that meets our unique requirements. This infusion will strengthen our capital structure, which will accelerate our efforts as we launch the company and work to expand the team while executing upon our strategic plan.
