Convergent Energy and Power Announces Close of Multimillion Dollar Interconnection Facility

NEW YORK--(BUSINESS WIRE)--Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced the close of a multimillion-dollar interconnection facility provided by NY Green Bank (NYGB), a division of the New York State Energy Research and Development Authority (NYSERDA). The financing facility will help fund more than 10 of Convergent’s upcoming battery storage systems, designed to improve grid reliability and resiliency in New York City.

“This financing facility demonstrates the value and necessity of Convergent’s battery storage systems on the electric grid—and the innovative ways we can collaborate with partners like NY Green Bank to sustainably and cost-effectively increase grid reliability for New Yorkers,” said Frank Genova, Co-CEO of Convergent. “We are grateful to NY Green Bank for recognizing the importance of energy storage to the clean energy transition and look forward to playing a role in the modernization of New York City’s electric grid.”

In New York, battery energy storage systems are essential to a stronger and cleaner electrical grid. By some estimates, demand for energy in New York will require the state to add 6,000 megawatts (MW) of battery storage to the grid by 2030, and then to double the capacity by 2040 to 12,000 MW.

In addition to meeting the State's goals for energy demand, adding battery energy storage systems to the grid is critical to the New York City’s efforts to increase resiliency and shut down pollution-generating fossil fuel facilities.

“NY Green Bank is proud to support Convergent with a facility that finances critical interconnection requirements for distributed storage projects in New York City,” Konstantin Driker, Managing Director NY Green Bank said. “This transaction continues to support a market segment where private lending remains constrained for many developers, demonstrating how NY Green Bank is addressing financing gaps, and helping to drive clean energy deployment across the state.”

NY Green Bank has committed over $2.5 billion in cumulative funds since its founding to support New York State's energy transition, and has mobilized over $8 billion in project costs.

About Convergent Energy and Power
Convergent Energy and Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has nearly 15 years of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company’s commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent’s proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. Convergent has over $1bn invested in or committed to assets in operation or under development across North America. For more information, visit convergentep.com or follow us on LinkedIn.