Lightshift Energy And KeyBanc Capital Markets Announce a $75 Million Project Finance Facility to Support Expanding Fleet of Battery Projects

ARLINGTON, VA / ACCESS Newswire / October 20, 2025 / Initial facility supports 6 operating projects and 10 projects entering construction, including Lightshift's project with GlobalFoundries to power semiconductor manufacturing

Lightshift Energy (Lightshift), a developer, owner and operator of battery energy storage projects across the U.S., and KeyBanc Capital Markets (KBCM), the corporate and investment banking arm of Cleveland based KeyCorp (NYSE:KEY), announced the close of a $75 million credit facility that will support Lightshift's rapidly growing pipeline of energy storage projects across the East Coast. The flexible facility, which includes a term loan, construction-to-term loan and tax equity bridge loan, strengthens Lightshift's ability to bring new projects online quickly and at scale.

The financing backs six of Lightshift's operational projects while also enabling the advancement of 10 projects currently in and nearing construction. It further lays the groundwork for another large wave of Lightshift's project pipeline as the company transitions into a phase of significant growth. This comes at a time when the U.S. market is experiencing surging demand for energy storage and a rapidly expanding need for firm and fast capacity solutions amid load growth and electricity supply constraints.

The initial portfolio includes Lightshift's project with GlobalFoundries in Vermont, which will deliver critical power services and significantly reduce electric transmission and capacity costs at their semiconductor manufacturing plant. The project will highlight the potential of co-located energy storage and, once operational in 2026, will be the largest battery project in Vermont.

KBCM served as sole lender. The facility is structured to provide nimble, scalable capital as Lightshift's utility and corporate partners work to meet growing power requirements and navigate cost challenges around transmission constraints and large load additions driven by data centers. KBCM and Lightshift will look to expand the facility as Lightshift accelerates its distribution-level storage portfolio to serve surging demand for capacity.

"Energy storage is a cornerstone of grid modernization, and Lightshift's innovative approach to energy storage aligns with the growing demand for flexible, scalable solutions" said Gregory Berman, Managing Director, Investment Banking, Utilities, Power & Renewable Energy at KeyBanc Capital Markets. "We're pleased to provide a financing structure that enables Lightshift to accelerate deployment across a diverse portfolio of projects and meet the evolving needs of utilities and large energy users."