Eagle Point Credit Management LLC, a private credit investment manager, said it has provided a $28.5 million senior secured loan to Legacy Energy Storage DevCo I LLC, owned by Legacy Energy Holdings, LLC, a solar and storage developer in Texas. Heritage Energy Holdings is an independent subsidiary of Heritage Power, LLC, a retail power provider that offers custom residential and commercial energy plans to customers across unregulated markets in Texas. The funding, announced March 12, supports Legacy’s strategy to develop, build and operate a sub-10-MW battery storage network and solar projects at approximately 40 sites in Texas. The portfolio is designed to operate as a virtual power plant, enabling efficient participation in the ERCOT market while taking advantage of faster interconnection schedules than utility-scale projects. “This transaction exemplifies EaglePoint’s ability to directly develop and deliver highly structured, asset-backed financing solutions under complex and time-sensitive conditions,” said Brittany Pinkerton, Head of Infrastructure Credit at EaglePoint. “Our deep industry expertise and collateral-focused analysis enabled our team to make this investment efficiently ahead of a critical year-end deadline for Legacy. Their distributed generation model, combined with strong compensation and downside protection, aligns well with our disciplined approach to infrastructure, and we look forward to the success of the project’s credit investment.” “We are incredibly excited to partner with Eagle Point on this financing,” said Tim Sanchez, CEO of Legacy Power. “Eagle Point has been a unique and differentiating experience for us – they demonstrated true domain knowledge of our industry and were incredibly responsive in delivering a capital solution under time pressure by the end of the year. Their commitment lays the foundation for our next phase of growth as we advance the development of more than 40 battery and distributed solar systems. Delivering reliable, clean power to energy infrastructure and the communities that depend on it. This deal is the Eagle Point difference.” Possessing core capabilities and expertise in structuring infrastructure credit with strong collateral protection and an attractive risk-adjusted return profile, Hudson Sustainability Group served as strategic advisor and co-sponsor to Legacy, working with management on the development and investment of Legacy’s distributed generation and energy storage platform. – This content is contributed by Eagle Point Credit Management.
