Pathway Power Raises $150M in Debt Funding Round

The funding will help finance late-stage development and construction activities for the company's U.S. hybrid and energy storage projects, including interconnection, PPAs, equipment deposits, and other project costs.

Pathway Power is developing a portfolio of 13 hybrid and battery energy storage (BESS) projects across the United States, with a combined capacity of approximately 3.2 GWac. The companys leadership team brings extensive industry experience, having completed more than 70 mergers and acquisitions, and developed over 40 GW of energy projects during the past 20 years.

"We are excited to collaborate with AB CarVal as our facility lender," said Jam Attari, CEO of Pathway Power. 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."

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"We believe Pathway's strong pipeline of hybrid solar and energy-storage assets is set to provide generation and grid stability in critical RTO's, including SPP and MISO," said Alex Flamm, managing director with AB CarVal. "We are pleased to work with Pathway Power to finance a mix of advanced-stage assets that are expected to help address load growth in these markets, including from data centers and reshoring. We look forward to seeing these projects break ground in the coming months."

About Pathway Power

Founded in 2022 by Jam Attari, Jared Quient, and Macsun Frederick, Pathway Power develops large scale hybrid energy and storage projects across US power markets. The company focuses on delivering flexible energy solutions for utilities, grid operators, and large power users, with an emphasis on US based development, investment and workforce participation.

About AB CarVal

AB CarVal is a global alternative investment manager and part of AllianceBernstein's Private Alternatives business. Since 1987, the firm has invested $161 billion across nearly 5,900 transactions in 82 countries, building extensive experience across changing credit markets. Today, AB CarVal manages approximately $22 billion in assets and has invested more than $4.5 billion in energy transition opportunities since 2017.

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