Key Capture Energy and Standard Chartered Close USD300 Million Letter of Credit Facility

NEW YORK--(BUSINESS WIRE)--Key Capture Energy (KCE), a leading battery energy storage independent power producer, today announced the closing of a USD300 million letter of credit facility with Standard Chartered. The LC facility will support KCE’s development pipeline across the United States, with a near-term focus on the New York Independent System Operator (NYISO) and Midcontinent Independent System Operator (MISO) markets.

Standard Chartered acted as sole provider and arranger of the facility, delivering a tailored letter of credit solution that enables KCE to support its growing project portfolio while preserving liquidity and maintaining flexibility as projects progress through development, construction and operation.

"This facility will support KCE’s ability to keep advancing projects through the development process, particularly in the NYISO and MISO markets," said Seungyong Oh, Chief Financial Officer of Key Capture Energy. "Standard Chartered has been a great partner to work with during this process and we are proud to have them alongside the KCE team as we continue to grow.”

"Battery energy storage is playing an increasingly important role in supporting grid reliability and the evolving U.S. power system," said Sal Vitale, Head of Coverage, US & Americas at Standard Chartered. “We’re pleased to provide Key Capture Energy with a financing solution that supports the continued growth of its development pipeline, and we look forward to strengthening our partnership as the company expands across key U.S. markets."

About Key Capture Energy

Key Capture Energy (KCE) is a premier developer, owner, and operator of battery energy storage systems across the United States. Since 2016, KCE has led the industry in creating a resilient electric grid to meet today’s challenges while paving the way for a more sustainable and reliable energy future. KCE has 623 megawatts (MW) of utility-scale battery energy storage facilities operating today and a development pipeline of over 8,000 MW across the country. Discover how KCE is shaping the energy landscape at keycaptureenergy.com.

About Standard Chartered

We are a leading international banking group, with a presence in 55 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Our history in the US dates back to 1902, and we are currently present in nine locations throughout the Americas. Our Americas franchise focuses on financial institutions and select corporations and plays a key role in facilitating trade and investment flows between the Americas and Asia, Africa, the UK and Europe and the Middle East.

Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.

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