DURHAM, NC — Overlay Capital, a leading provider of interconnection capital for renewable energy developers, today announced their lending facility with Belltown Power. Overlay's investment of $19 MM in interconnection deposits will support Belltown's development of 1.2 GW portfolio of data center developments in the ERCOT market within the next two years.
"Belltown is a seasoned developer that has demonstrated success delivering well-developed projects to the market and we are honored to work with them to advance these ERCOT assets," said Overlay Managing Partner, Eric Rubinstein. "As we continue to see the costs of interconnection rise throughout the country, we are seeing interconnection capital become a critical path item for development timelines. Our financing is designed to be non-dilutive and to help strong developers advance high quality portfolios faster."
"We are excited to have closed this transaction with Overlay; their streamlined process allowed for a smooth execution to submit our applications to Oncor on a tight timeline," said Lloyd Pope, President of Belltown Power Texas. "Efficient capital structures are becoming ever more important to facilitate the development process, and we are happy to count Overlay as a partner in this pursuit."
Interconnection costs have skyrocketed in the last two years and can strain developers' liquidity. More broadly, development-stage capital needs have grown as competition for grid access and site control has accelerated. Overlay provides flexible, non-dilutive financing that allows Belltown to advance its portfolio while retaining ownership and strategic flexibility.
About Overlay Capital
Overlay Capital is an Atlanta-based asset manager investing across the spectrum from innovation to infrastructure, with a focus on financing overlooked and hard-to-access opportunities. Overlay invests in secular tailwinds and opportunities that shape the future of essential infrastructure in the built environment, with a commitment to superior risk-adjusted returns. For more information, please visit us at www.overlaycapital.com.
About Belltown Power
Belltown Power is a greenfield developer and long-term partner in utility-scale solar PV, energy storage, wind projects and data centers across the US. Their development process starts with site identification and continues navigating interconnection, real estate, permitting, environmental, tax, and all other development items to bring these projects to fruition. The Belltown Power team's strong track record follows a thoughtful and disciplined approach, leveraging its excellent technical expertise and industry relationships to deliver quality projects from greenfield through to operations. For more information, please visit us at www.belltownpower.com/us.