DURHAM – Leyline Renewable Capital has received a $150 million injection of funds from Newlight Partners.
The investment will enable the Durham-based startup fund to “identify and provide development-stage debt and equity to support renewable energy projects through the United States,” the firm announced today.
To date, Leyline has funneled more than $2 billion into some 170 projects.
The end result: the production of 1 Gigawatt of electricity, equating to 140,000 tons in greenhouse gas omissions.
“By taking a patient view on the projects we choose to support we are able to identify promising opportunities for renewable energy projects and build deeper relationships with developers, ensuring projects are successful and profitable,” Lensch said in a statement.
“Newlight Partners recognizes a clear opportunity with our team’s unique experience at the forefront of the renewable energy market and this new funding will help us advance the development of renewable energy projects at their critical early stage. With Newlight’s support we will work to accelerate the clean energy market from coast to coast.”
Founded in 2016 by solar industry veteran Erik Lensch, Leyline develops, builds and finances renewable energy projects that emphasize efficient project development.
The company has already backed projects in North Carolina, including poultry and swine waste projects and two landfill gas projects.
The startup said the new funding from Newlight will allow Leyline to expand its mission by investing in a broader portfolio of pre-construction renewable energy projects.
“Leyline Renewable Capital has a firm track record of identifying, cultivating and funding some of today’s most talented renewable energy developers,” Mark Longstreth, Managing Director of Newlight Partners LP, said in a statement. “As cost-competitive and distributed renewable technologies scale quickly, the developers of these projects are increasingly underserved by traditional financing sources. Leyline understands their needs and long-term goals and is positioned to be the go-to investor for entrepreneurial developers who are essential if cities, states and major corporations are to achieve their ambitious renewable energy targets.”
Newlight has some $4 billion under management.