SMT Energy secures up to $268 million for battery storage projects

SMT Energy, a developer and operator of battery energy storage projects, has secured an equity partnership with Climate Adaptive Infrastructure (CAI) for an investment of up to $268 million at the parent-company level.

The capital, which includes CAI’s equity alongside tax equity and project-level debt, is intended to fund the development, construction, and operation of SMT Energy’s battery storage projects across the United States. This follows a previous $32 million deployment by CAI into SMT Energy assets.

SMT Energy’s portfolio encompasses utility-scale battery storage, distributed generation, and powered land projects. The partnership aims to support the company's expansion as battery storage becomes increasingly vital for grid stabilization alongside the growth of wind and solar power.

Expedition Infrastructure Partners acted as financial adviser to SMT Energy, with Stoel Rives providing legal counsel. Orrick served as legal counsel for CAI.