Foley Advises Pathway Power on Innovative Credit Facility

Foley & Lardner LLP served as legal counsel to Pathway Power in connection with the closing of an innovative credit facility designed to support the company’s renewable energy projects looking to connect to the U.S. electricity grid. 

Pathway Power, a large-scale renewable energy project developer, is building a next-generation independent power producer focused on utility-scale renewable energy generation and battery storage projects that provide reliable, resilient, and high-value clean energy. The first-of-its-kind facility will support Pathway Power’s 6-gigawatt pipeline of solar and storage projects in major U.S. electricity markets.

As of the end of 2023, there were 12,000 projects seeking grid interconnection across the U.S., with a combined capacity more than double that of the nation’s entire power plant fleet. The rapid increase in new electricity projects has led to significant delays in connection approvals and rising costs for energy developers entering the interconnection queue. The credit facility is structured to provide efficient capital for projects in various stages of the multi-year interconnection process.

Foley’s deal team was led by partner Edward Hammond and included partner Jeffery Atkin and associates Sadie Olson and Kathryn Petrosky.