Industry

US IPP raises $150 million to advance 3.2 GW late-stage hybrid, BESS portfolio

AB CarVal, which led Pathway Power’s debt funding round, said the financing will support projects addressing load growth from data centers and reshoring in congested markets in the US.

By

Blathnaid O'Dea

Jun 08, 2026

California-based independent power producer (IPP) Pathway Power has raised $150 million in debt funding to support the late-stage development and construction of its United States BESS portfolio.

Led by AB CarVal, the funding will cover interconnection, power purchase agreements (PPAs), equipment deposits, and other project costs.

Pathway Power has been in business since 2022 and focuses primarily on hybrid and energy storage projects. Its current pipeline comprises 13 hybrid and battery energy storage (BESS) projects totaling approximately 3.2 GW (AC) across the United States.

The company’s CEO, Jam Attari, said the IPP is pleased to collaborate with AB CarVal as its facility lender.

“Their deep expertise in renewable energy finance and confidence in our pipeline are meaningful validation of our project fundamentals and approach to building clean energy capacity. We look forward to putting that capital to work,” said Attari.

AB CarVal has deployed more than $4.5 billion in energy transition investments since 2017. It has around $22 billion in assets under management.

“We believe Pathway’s strong pipeline of hybrid solar and energy-storage assets are set to provide generation and grid stability in critical regional transmission organizations (RTOs),” said Alex Flamm, managing director with AB CarVal.

These RTOs include the Southwest Power Pool, MISO, California ISO, PJM, and ERCOT.

Flamm added that the financing will support the projects as they address load growth in these congested markets from data centers and reshoring.

“We look forward to seeing these projects break ground in the coming months,” the managing director said.

Meanwhile, on June 2, Google announced it signed a three-year deal with Voltus to unlock up to 100 MW of electricity capacity to power its data centers in the PJM region, home to the data center capital of the world.

The deal will see Voltus leverage batteries and smart thermostats to provide a virtual power plant (VPP) service.

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