Convergent Energy and Power (Convergent), a leading provider of distributed energy storage solutions, has announced the closure of a significant financing deal with Mitsubishi UFJ Financial Group (MUFG). The funding includes a construction-to-term loan, tax equity bridge loan, and a letter of credit facility, designed to accelerate the development of Convergent’s energy storage and solar PV projects across North America.
The facility is structured to provide immediate capital for the construction of Convergent’s distributed-scale energy systems. This will enable the company to advance its portfolio of solar and energy storage systems, with an initial round of $150 million in funding. Additionally, the agreement lays the foundation for future financing rounds as Convergent continues to expand its project pipeline, which exceeds $1 billion in opportunities.
“We are excited to secure this construction facility, which will enable us to maintain our leadership in providing more affordable, cleaner, and reliable energy to both businesses and utilities,” said Frank Genova, CFO and Co-Founder of Convergent. “Distributed energy assets, particularly energy storage, play a crucial role in the clean energy transition, helping to modernize the aging power grid. We are grateful to MUFG for recognizing the strength of our platform and look forward to growing our partnership as we meet the increasing demand for cost-effective and reliable energy solutions.”
With over a decade of experience, Convergent has become a leader in financing and managing energy storage projects that help clients reduce electricity costs and enhance system reliability. The company’s industrial and utility-scale energy storage systems deliver substantial savings while contributing to the clean energy transition.
Fred Zelaya, Managing Director at MUFG, highlighted the importance of distributed generation in the clean energy landscape: “Convergent has established itself as a key player in the clean energy transition by building systems efficiently and cost-effectively. As electricity demand grows, distributed generation assets like battery storage will be essential for delivering clean, reliable power. We are proud to provide a customized, long-term financing solution to Convergent as it continues its strong track record in bringing critical energy storage solutions online.”
Convergent’s portfolio includes over 800 MW / 1 GWh of energy storage and solar-plus-storage systems in operation or under development. The company has invested or committed more than $1 billion in energy storage and solar projects throughout North America, further strengthening its position as a leader in the renewable energy sector.
