KeyCorp’s KBCM Closes $75M Credit Facility for Lightshift Energy Storage Projects

KeyCorp (NYSE:KEY) is one of the best large cap stocks to buy under $20. On October 16, KeyBanc Capital Markets/KBCM and Lightshift Energy, which develops, owns, and operates battery energy storage projects across the US, announced the successful close of a $75 million credit facility. KBCM is the corporate and investment banking arm of KeyCorp.

The project finance facility is designed to support Lightshift’s rapidly expanding pipeline of energy storage projects, primarily across the East Coast, as the US market faces surging demand for energy storage and a critical need for firm, fast capacity solutions amid load growth and electricity supply constraints.

KeyCorp's KBCM Closes $75M Credit Facility for Lightshift Energy Storage Projects

The flexible facility is structured to include a term loan, a construction-to-term loan, and a tax equity bridge loan, enhancing Lightshift’s ability to swiftly bring new projects online and at scale. The initial financing package specifically backs six of Lightshift’s already operational projects and enables the advancement of 10 projects that are currently in or nearing construction. Furthermore, it establishes a framework for supporting another large wave of projects in the company’s pipeline as it enters a phase of significant growth.

KeyCorp (NYSE:KEY) operates as the holding company for KeyBank National Association, which provides various retail and commercial banking products and services in the US. It has two segments: Consumer Bank and Commercial Bank.

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Disclosure: None. This article is originally published at Insider Monkey.