Calibrant Secures $145 Million for Data Center Battery Storage

Calibrant Energy has secured $145 million in project financing to support a portfolio of solar and battery storage projects. The deal, which closed on November 10, includes a 120-megawatt-hour battery energy storage system (BESS) for a hyperscale data center customer in the PJM regional transmission market. The financing was led by Investec and will support new construction while also refinancing existing operating assets.

The company develops, owns, and operates on-site energy infrastructure for large commercial and industrial customers. Hyperscale data centers require substantial and reliable electricity, but they face significant challenges from grid connection delays and the cost of infrastructure upgrades. Calibrant's solution allows these energy-intensive facilities to reduce their peak power requirements and avoid expensive transmission upgrades, enabling faster grid access.

Investor and partner backing confirmed

The $145 million debt facility was led by Investec and included participation from Citi, Liberty Bank, and Siemens Financial Services. Macquarie Asset Management, a key backer of Calibrant Energy, also supported the transaction. Investec Bank plc is the banking subsidiary of Investec plc, a FTSE 100 listed company.

This financing shows the rising demand from large power users for turnkey, zero-capex energy solutions. Calibrant holds a substantial pipeline of projects, with more than 2.2 gigawatts of power capacity and over 5.9 gigawatt-hours of battery storage capacity either in operation, under construction, or under exclusive development agreements.

Storage enables faster grid access

The 120-MWh battery system is a critical grid hardening solution for the unnamed data center customer. By providing greater control over power draw, the BESS helps manage interconnection timelines in congested markets like PJM. This approach reduces the need for costly grid infrastructure upgrades, a key hurdle as federal regulators and grid operators address the influx of large power users seeking connection.

Executives highlight strategic value

Executives from the financing and development partners emphasized the deal's strategic importance. Fred Petit, co-head of Energy & Infrastructure North America at Investec, stated, "Investec is proud to support Calibrant and Macquarie on this transaction."

Phil Martin, CEO of Calibrant Energy, highlighted the operational benefits. He said on-site energy storage is a fast, reliable, and effective way for large customers to get online and operate as responsible grid citizens. The project demonstrates the commercial viability of on-site storage for accelerating data center interconnection and enhancing grid flexibility. The 120-MWh battery storage system will provide reliable power to a hyperscale data center customer in the PJM regional market.