- Lightshift Energy secured a US$75 million KeyBanc-led credit facility to fund six operating BESS assets and ten East Coast projects in or nearing construction.
- The facility combines a term loan, construction-to-term loan, and tax equity bridge to finance projects from buildout through operations.
- A flagship project is a 16 MW/52 MWh battery at GlobalFoundries’ Vermont fab, slated to start construction in 2025 and enter service in early 2026 as the state’s largest BESS.
- The deal follows prior financings (US$100 million from Greenbacker in 2024 and a US$40 million Aiga facility in 2025) as Lightshift scales its pipeline amid permitting, interconnection, and tax-policy risks.
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The $75 million facility marks a key inflection point in Lightshift Energy’s capital structuring as the company moves from early-stage growth into scaling deployment. The blend of debt instruments—term loan, construction-to-term, and tax equity bridge—shows sophistication in tackling the multiple financing phases associated with BESS projects, from construction through permanent operation.
Strategically, the emphasis on projects in Vermont, Massachusetts, and Virginia demonstrates Lightshift’s focus on the East Coast where grid stress, high power demand (especially from industrial clients like semiconductor fabs), and regulatory incentives make energy storage particularly valuable. Specifically, the co-located BESS with GlobalFoundries in Vermont not only serves the industrial load but also strengthens grid reliability and reduces transmission and capacity costs.
Lightshift’s prior capital raises—$100 million in growth equity from Greenbacker in 2024 and a $40 million credit facility from Aiga Capital in 2025—complement the new $75 million facility by de-risking the development and strengthening its ability to manage interconnection, PPA security, and equipment procurement. This layering of capital sources indicates prudent financial strategy and readiness to scale.
However, risks remain. Projects under or nearing construction still face delays due to permitting, supply chain, or grid interconnection challenges. The tax equity bridge suggests reliance on tax policy certainty. Also, as Lightshift expands, competition for financing, escalating interest rates, and inflation could squeeze margins.
Open questions include the exact metrics of revenue stream structure across different projects, the timing and scale of future sense financing expansions, how Lightshift will manage regulatory risk, and how they will navigate rising costs and labor constraints. The success of the GlobalFoundries project will be a bellwether both technically (for co-located industrial BESS) and financially.
Supporting Notes
- Lightshift and KeyBanc closed a $75 million credit facility on October 14-16, 2025 for a portfolio including six operational BESS assets and ten projects in or nearing construction.
- The facility includes a term loan, a construction-to-term loan, and a tax equity bridge loan; KeyBanc is the sole lender.
- The initial portfolio spans states including Massachusetts, Vermont, and Virginia; includes a 16 MW/52 MWh BESS at GlobalFoundries in Vermont due early 2026, which will be Vermont’s largest BESS.
- Earlier financing rounds: $100 million raised in April 2024 from Greenbacker (split $80 million asset fund, $20 million growth equity) for growth, and a $40 million facility with Aiga Capital in mid‐2025 to fund interconnection, PPA security, equipment deposits etc.
- Lightshift operates out of Arlington, Virginia, was founded in 2019, formerly known as Delorean Power; developing multi-gigawatt pipeline of energy storage projects.
- The Vermont project is connected directly to GF’s switchyard; will perform peak shaving to reduce transmission costs and improve grid resilience, especially during peak demand when natural gas is used.