CHICAGO – Feb. 7, 2023 — Hecate Grid, a joint venture between Hecate Energy and Infrared Capital Partners (“IRCP”), today announced the recent close of a six-year $98.9 million credit facility package to recapitalize its operating assets and fund the construction of a portfolio of standalone battery storage assets in Southern California. The debt facility package, which includes a $79.5 million term loan and $19.4 million Letter of Credit (“LC”) facility, is collateralized by Hecate Grid’s energy storage projects without a guarantee or other credit support.


Hecate Grid’s 290-megawatt-hour (MWh) energy storage portfolio in Southern California includes four stand-alone battery energy storage assets, of which one is operational and three are in construction.


"Hecate Grid is laser-focused on deploying standalone storage on a scale that moves the meter in our efforts to address climate change and makes our nation’s grids more resilient,” said Gabe Wapner, Hecate Grid’s VP of Business Development. “The market confidence demonstrated by this transaction energizes our growing team to tackle even more. We are extremely excited about the future of Hecate Grid.”


“This is an important milestone for Hecate Grid, as it continues to build out its standalone storage platform to enhance grid reliability and resiliency. It also corroborates our belief in the potential of Hecate Grid and its role within the grid as renewable energy capacity increases,” said Jack Paris, IRCP’s Head of Americas.


PEI Global Partners served as exclusive financial advisor to Hecate Grid and IRCP and Winston & Strawn acted as borrowers’ counsel. CoBank, Societe Generale and National Bank of Canada participated in the financing. Milbank acted as lenders’ counsel.



About Hecate Grid 

Launched in 2018, Hecate Grid is an independent power producer focused on developing, building, owning, and operating stand-alone energy storage projects. Originally incubated within the renewable energy development firm Hecate Energy, Hecate Grid is now a stand-alone business funded by international investment manager InfraRed Capital Partners Limited, which manages US$14 bn+ of equity capital. Hecate Grid has an active project pipeline of over 5 gigawatts of energy storage projects in development throughout the U.S. For more information on Hecate Grid, please visit


About PEI

PEI Global Partners Holdings LLC (“PEI”) is an independent, closely held investment bank specializing in the power, energy and infrastructure sectors, with offices in New York City and Tampa. PEI advises financial sponsors, developers and corporate clients on mergers and acquisitions, divestitures, financings, private placements and other strategic transactions. In 2022, PEI closed twelve transactions and raised over $4 billion for owners and developers of renewable and thermal power. PEI conducts securities transactions through its wholly-owned broker-dealer subsidiary PEI Global Partners LLC, which is regulated by the Financial Industry Regulatory Authority (“FINRA”), the Securities and Exchange Commission (“SEC”), the New York State Department of Financial Services and the Florida Office of Financial Regulation. For more information on PEI, please visit


About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure investment manager, with more than 180 professionals operating worldwide from offices in London, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and custodian of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$14bn+ of equity capital1 for investors around the globe, in listed and private funds across both income and capital gain strategies.


A long-term sustainability-led mindset is integral to how infraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating2 for its infrastructure business for seven consecutive assessments, having secured a 5 stars rating for the 2021 period. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.


InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BentallGreenOak, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.


1 Data as at Q3 2022. Equity Capital is calculated using a 5-year average FX rate.

Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at


Media Contact:

Hecate Grid

Steven C. Sullivan