Pathway Power Secures $150M Financing from AB CarVal for U.S. Renewable Energy Projects

Pathway Power, a San Diego-based renewable energy developer, has closed a $150 million senior-secured finance facility from AB CarVal. The funding will be used to support late-stage development needs for Pathway Power's portfolio of U.S. hybrid and storage assets. This includes interconnection, PPA, equipment deposits, and other pre-construction and construction equity costs.

The company's CEO, Jam Attari, expressed excitement about collaborating with AB CarVal, citing their expertise in renewable energy finance and confidence in Pathway Power's project fundamentals. AB CarVal's managing director, Alex Flamm, lauded Pathway's strong pipeline of hybrid solar and energy-storage assets, particularly in critical RTO markets such as SPP and MISO.

The financing from AB CarVal closed concurrently with a separate equity investment in Pathway Power. Founded in 2022, Pathway Power's pipeline comprises 13 hybrid and battery energy-storage system projects totaling approximately 3.2 GWac across the U.S. Norton Rose Fullbright represented AB CarVal in the transaction. 

Pathway Power develops flexible, utility-scale hybrid and storage projects across U.S. RTO markets, while AB CarVal is a global alternative investment manager and part of AllianceBernstein's Private Alternatives business. Media contact: Anna Lovely ([email protected])

Source: PR Newswire