Texas and Arizona Lead ~$3bn in Debt Financing, Fueled by High Revenue Stacking Potential: Rapid expansion of solar and wind capacity is unlocking high earning potential for BESS developers through revenue stacking in ancillary services and arbitrage. However, recent activity points to increased capital being raised in markets like Idaho, Arizona, and New Mexico, signaling developers’ growing efforts to diversify beyond major markets.
PE-Backed Firms Dominate $5bn+ Debt Raise, Capitalizing on Superior Deal Terms: Companies like Calpine and Intersect Power have raised significant capital to accelerate their pipeline in the US. Backed by equity investments from large PE firms, these companies can secure more favorable debt terms than privately funded counterparts, easing the impact of high interest rates. This enables more efficient capital raising and positions them to scale quickly in a competitive market.
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