May 18, 2023   SOURCE: BusinessWire

Renewable Energy Startup Accelergen Energy Emerges from Stealth Mode and Announces $30 Million in Financing

Accelergen Energy, LLC ("Accelergen") a greenfield energy developer of utility-scale solar, solar plus storage and standalone storage projects, today announced its launch out of stealth mode with the close of $30 million in growth capital from Leyline Renewable Capital ("Leyline").

Headquartered in Austin, Texas, the company will leverage analytics to focus its project siting efforts. The $30 million in growth capital from Leyline will be utilized to develop a multi-gigawatt pipeline of high quality solar and storage projects. In addition, the newly raised funds will be used to build a best in class development team including grid and market analytics, project development, engineering and finance to support Accelergen's rapid growth.

Accelergen’s senior management and technical teams bring decades of experience in renewable energy. The industry veterans are known for creating successful development organizations and delivering high quality projects.

The company was founded by chief executive officer, Thomas Houle, and senior vice president of development, Josh Skogen. Houle previously served as managing director of Green Investment Group (GIG) a specialist green investor within Macquarie Asset Management (formerly Macquarie Capital) and prior to that, he was founder of Fremantle Energy (acquired by GIG). Skogen spent a majority of the last twelve years helping build sPower, a solar development company, from a family office to a national player, ultimately being acquired by AES.

"A key aspect of Accelergen's approach involves bringing experienced grid and commercial analytics in-house as a strategic advantage," said Thomas Houle, co-founder and chief executive officer, Accelergen Energy, LLC. "Our ultimate goal is to help accelerate the energy transition to zero carbon power generation, by bringing premium projects located in sustainably robust grid locations to long-term investors and/or owners of operating projects.”

"Leyline has the depth of knowledge in renewable energy which enabled us to provide a tailored financial solution that met Accelergen's plans for growth," said Todd Kice, managing director of Originations, Leyline Renewable Capital. "We look forward to working with Tom, Josh and their team; they're a top notch team uniquely equipped with the experience to develop enterprise scale projects in the commercial solar market. We look forward to contributing our industry perspective and technical expertise which we hope will play an important role in helping Accelergen achieve its goals as it grows and serves the needs of the market."

"Our goal in returning to greenfield development and to be a part of building the next wave of solar and storage projects has been a long time coming," said Josh Skogen, co-founder and senior vice president of development, Accelergen. "We look forward to working with Leyline and appreciate their expertise in helping companies in renewable energy drive ventures to profitability. We are proud to have them as our partner and expect to achieve much success together."

About Leyline Renewable Capital

Leyline Renewable Capital invests in the development of utility scale renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that supports early-stage development through construction. By investing in the early stages of renewable energy projects, Leyline accelerates the development process and helps developers scale quickly without taking dilution. Leyline leverages a broad base of experience in greenfield project development, design, construction, and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation.

About Accelergen Energy

Founded in late 2020, Accelergen Energy LLC is a greenfield renewable energy developer focused on utility-scale solar, solar plus storage, and standalone storage projects. The company is helping accelerate the energy transition to zero carbon power generation for the benefit of local communities and, in turn, a better planet. Accelergen is headquartered in Austin, Texas. For more information, please visit our website at www.accelergen.com.