NH-Based Battery Storage Developer Granite Source Power Secures $40M In Strategic Growth Capital from New Energy Capital

PORTSMOUTH, N.H., June 12, 2023 /PRNewswire/ -- Granite Source Power, LLC (GSP) and New Energy Capital (NEC) announce the closing of an equity partnership to fund further renewable and battery storage development in GSP's core markets. GSP is a greenfield utility-scale energy development company founded in 2022 that uses an owner-operator mindset to address risks at the very foundation of project development and operations. Prior to starting GSP, the founding partners and early employees worked together at one of the largest global independent power producers, where they collectively developed, acquired, and commercialized more than 10 GW of renewable energy and battery storage projects and led more than $10B of financings. The team prides itself on applying its experience across the full project lifecycle to its development philosophy, resulting in the rapid growth of a 3 GW greenfield development pipeline to date. GSP is currently marketing, with Marathon Capital, LLC, a diversified and resilient 2 GW stand-alone battery storage portfolio that captures all the above traits.

About Granite Source Power

Granite Source Power is a team comprised of industry experts with decades of experience developing, commercializing, and financing some of the largest and most complex renewable projects across North America. For more information, please visit www.granitesourcepower.energy

About New Energy Capital

New Energy Capital, a Victory Capital Investment Franchise, is a leading alternative asset manager investing across the capital structures of clean energy infrastructure projects and companies. Headquartered in Hanover, New Hampshire, NEC was one of the first investors to focus on clean energy and infrastructure assets. NEC has invested or committed more than $1.5 billion across more than 40 investments. For more information, please visit www.newenergycapital.com.

SOURCE Granite Source Power