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Key Capture Energy Secures $300 Million From Standard Chartered for US Battery Storage Pipeline

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Key Capture Energy said Tuesday that it has closed a $300 million letter of credit facility with Standard Chartered to support the development of its battery energy storage pipeline across the US.

The facility will initially focus on projects in the New York Independent System Operator and Midcontinent Independent System Operator markets, before supporting the company's extensive development pipeline spread all across the US.

Standard Chartered served as the sole provider and arranger of the facility, allowing Key Capture Energy to advance projects through development, construction and operations, while still preserving liquidity and maintaining financial flexibility.

"This facility will support KCE's ability to keep advancing projects through the development process, particularly in the NYISO and MISO markets," the company's CFO, Seungyong Oh said.

Key Capture Energy currently operates 623 megawatts of utility-scale battery energy storage facilities and has a development pipeline of more than 8,000 MW across the country.

Sal Vitale, the Head of Coverage for US and Americas at Standard Chartered highlighted the increasingly important role of battery storage "in supporting grid reliability and the evolving U.S. power system," while noting that importance of the bank's partnership with Key Capture.

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