Swell Readies $450M in Financing for Solar-Plus-Battery Virtual Power Plants

By [email protected] Swell Energy has lined up $450 million in financing to give homeowners and business owners batteries and solar systems at no upfront cost, and then earn the money back by turning them into virtual power plants serving utilities’ grid needs.

Ares Management Corp. and Aligned Climate Capital will provide up to $450 million to back projects Swell is developing with four undisclosed utilities in three states, according to Thursday’s announcement. The projects will deliver a combined 200 megawatt-hours of dispatchable energy capacity spread across about 14,000 solar-storage systems, to be completed by 2023.

It’s a massive potential investment in a

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