Leyline, Starwood to back APV in 400-MW battery initiative

Renewables investor and financier Leyline Renewable Capital and Starwood Energy Group will provide financial support to American Power Ventures (APV) so that it could develop 400 MW/1,400 MWh of battery storage projects.

Leyline and private investment firm Starwood will provide capital to APV through a newly-formed joint venture (JV), North Carolina-based Leyline said on Wednesday. The financing will help APV develop two standalone battery storage projects within the Virginia PJM and Texas ERCOT territories.

The goal of the proposed schemes is to help deal with the intermittency of renewable energy assets in the specific regions and thus improve the reliability of Virginia’s and Texas’ power grids.

Startwood intends to buy both projects after they exit the development stage. The move will be undertaken in line with the company's strategy to invest in projects that provide "critical benefits to the power grid."

"This partnership has the potential to not only sustainably support power grids in Virginia and Texas, but to use renewable energy to combat climate change that amplifies the demand on the grid," said Erik Lensch, Leyline’s CEO.

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