Berlin, November 01, 2016: Apricum – The Cleantech Advisory, acting for its client Convergent Energy and Power LP, successfully brings in Swiss investor SUSI Partners to a 12 MW portfolio of energy storage projects from Convergent, breaking new ground for project financing in this sector.
The projects, which consist of a 5 MW flywheel and a 7 MW lithium-ion battery, were awarded in 2014 by the Independent Electricity System Operator (IESO) in Ontario, Canada and will deliver frequency regulation and reactive support and voltage control services to the grid.
Through its extensive global network, Apricum brought in SUSI Partners’ newly formed Energy Storage Fund alongside existing investor CJF Capital, enabling a non-recourse, third-party project financing structure, which represents a departure from the standard balance sheet financing normally used in this sector.
“We are very pleased to have introduced SUSI Partners to Convergent as an additional credible partner alongside CJF Capital. We’re bringing about a partnership of two leaders in their fields from different geographies with a shared vision for developing this sector,” said Florian Mayr, partner at Apricum.
“We are proud of our partnership on these projects with CJF Capital and SUSI Partners,” said Frank Genova, Convergent’s chief operating and financial officer. “The financing of these projects in Ontario is an important step in the development of the sector and a major milestone for Convergent, which has now successfully organized third-party, non-recourse project financing for several individual storage projects throughout North America.”
Asif Rafique, managing director for energy storage at SUSI Partners, commented “The investment represents an important milestone for SUSI Partners in terms of geography and sector. Energy storage is an integral part of the worldwide transition to clean energy and has become an investable asset class with attractive risk-adjusted returns for institutional investors.”
The investment of SUSI Energy Storage Fund in Convergent Energy and Power is another successful deal in the energy storage space introduced by Apricum. It underscores the growing interest from investors in energy storage project funding and demonstrates Apricum’s understanding of the sector and investors’ needs.
About Convergent Energy and Power LP
Convergent Energy and Power is a technology-neutral energy storage asset development firm with experience across a wide range of projects, from commercial and industrial applications to grid-connected systems. The company manages all aspects of the energy storage asset development cycle, including project-specific opportunity identification and economic evaluation, contract and financial structuring, engineering-procurement-construction, as well as operations and maintenance.
About SUSI Partners AG and the SUSI Energy Storage Fund
SUSI Partners AG is a socially and ecologically responsible and globally active Swiss investment advisor, supporting investors with investments in solar and wind parks, energy efficiency retrofits of existing infrastructure and investments in energy storage capacity. The SUSI-advised funds aim to produce stable and low-correlated annual distributions, carrying low risk and producing a measurable impact on climate change mitigation. The SUSI Energy Storage Fund, advised by SUSI Partners AG, offers investment opportunities to institutional investors in Energy Storage Infrastructure within the OECD region across a range of proven technologies. The Fund is currently in investment phase and has a capacity of up to 250 million euros. The Fund is open to investors until the end of 2017.
About Apricum – The Cleantech Advisory
Apricum – The Cleantech Advisory is a transaction advisory and strategy consulting firm specialized in renewable energy technologies. Apricum’s team combines many years of corporate finance experience with an in-depth understanding of renewable energy market dynamics. Apricum has an extensive global network of strategic and financial investors, providing expertise and support to close the most favorable transactions. Apricum is headquartered in Berlin with branch offices in Abu Dhabi and Dubai and further representative offices in the UK, Turkey, Saudi Arabia, India, China, South Korea, Japan, Indonesia, the Philippines, Thailand, USA, Mexico, Brazil and Argentina.
Cate Holtz, manager marketing and communications
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