MIAMI & NEW YORK & HOUSTON--(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.
“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
