Leyline Renewable Capital, a provider of development financing across several renewable energy sectors, announced a $150 million investment by Newlight Partners LP. This investment will enable Leyline to identify and provide development-stage debt and equity to support renewable energy projects throughout the United States.
To date, the Leyline team has developed, financed and/or constructed more than $2 billion in 170-plus projects totaling 1 gigawatt (GW) electricity, which equates to 140,000 metric tons in greenhouse gas reductions.
"By taking a patient view on the projects we choose to support, we are able to identify promising opportunities for renewable energy projects and build deeper relationships with developers, ensuring projects are successful and profitable," said Erik Lensch, CEO of Leyline Renewable Capital, in a statement. "Newlight Partners recognizes a clear opportunity with our team's unique experience at the forefront of the renewable energy market, and this new funding will help us advance the development of renewable energy projects at their critical early stage. With Newlight's support, we will work to accelerate the clean energy market from coast to coast."
Leyline Renewable Capital develops, builds and finances renewable energy projects that emphasize efficient project development, reducing risk and increasing investor returns. Founded and managed by industry veterans who have personal stakes in the renewable energy industry, the Leyline team understands the unique opportunities and challenges that face renewable energy developers in the pivotal months and years before construction begins.
"Leyline Renewable Capital has a firm track record of identifying, cultivating and funding some of today's most talented renewable energy developers," said Mark Longstreth, managing director of Newlight Partners LP, in a statement. "As cost-competitive and distributed renewable technologies scale quickly, the developers of these projects are increasingly underserved by traditional financing sources. Leyline understands their needs and long-term goals and is positioned to be the go-to investor for entrepreneurial developers who are essential if cities, states and major corporations are to achieve their ambitious renewable energy targets."
"Our capital and industry expertise allow us to support the advancement of projects from development and construction to operations. Recently, we invested in a solar portfolio that accelerated the timelines for 20 solar projects. We took no corporate equity in the developer, and the projects are now on course to be developed three times faster than the developer would have been able to achieve without our capital. That is typical of our value-added approach to investment," said Eric Rubinstein, chief financial officer of Leyline Renewable Capital, in a statement.
Leyline Renewable Capital's portfolio includes utility-scale solar projects, as well as anaerobic digesters that process organic waste into renewable natural gas. Leyline Renewable Capital's Windstar Fund I jumpstarted major energy projects, which the firm continues to manage. This new funding from Newlight will allow Leyline to expand its mission by investing in a broader portfolio of pre-construction renewable energy projects.