NRStor C&I L.P. (NRStor C&I), a subsidiary of NRStor Inc. (NRStor), is pleased to announce signing a CAD $120M financing facility with Swiss based SUSI Energy Storage Fund (SESF), managed by SUSI Partners AG (SUSI). Binding agreements were executed on November 17th, 2017. The financing will facilitate rolling out behind-the-meter (BTM) energy storage solutions at commercial, industrial, and institutional customers’ sites in Canada and realizing a growing portfolio in excess of 300 MW of projects.
The SESF is the world’s first dedicated energy storage fund and is open to institutional investors looking to profit from diversification benefits and attractive risk-adjusted returns in this rising infrastructure asset class.
NRStor C&I is a leading Canadian energy storage project developer and owner in the commercial, industrial, and institutional space. NRStor C&I operates under a build, own, operate structure with an ultimate goal of reducing customers’ electricity cost via revenue stacking multiple cashflow streams, utilizing a fossil-fuel free technology that helps customers reduce their carbon footprint.
Annette Verschuren, Chair and CEO at NRStor Inc., comments: “This facility is a major milestone in the development and expansion of the Canadian energy storage market. The facility allows NRStor C&I to accelerate its deployment of BTM commercial, industrial, and institutional energy storage solutions. Incorporating long term flexible and sustainable solutions is our mission and we are delighted to be working with SUSI Partners in growing this sector.”
Moe Hajabed, President at NRStor C&I, adds: “We are extremely excited to work with SUSI, a like-minded company, at expanding our energy storage project development efforts in the Canadian market. This deal gives NRStor C&I the latitude to expand its footprint in the C&I sector and provide its customers with the opportunity to reduce their electricity costs and help achieve their sustainability targets.”
Asif Rafique, Managing Director of Energy Storage at SUSI Partners, states: “Our agreement with NRStor C&I represents another important step for the SESF and the wider energy storage market. By creating a standard set of agreements and templates, this transaction represents the first large-scale repeatable financing in the sector. We are delighted to complete this deal with NRStor’s market-leading team and are looking forward to realizing further investments in the near term.”
About NRStor C&I L.P.
NRStor C&I L.P., a subsidiary of NRStor Inc., is a turn-key BTM energy storage solution provider for commercial, industrial and institutional customers. NRStor C&I provides energy storage as a service under a turn-key build, own, and operate business model where no-capital outlay is required from the customer.
About SUSI Partners AG
SUSI Partners AG is a Swiss Investment Manager that focuses on financing the energy transition and sustainable energy infrastructure. SUSI supports institutional investors with investments in solar and wind farms, energy efficiency retrofits of existing infrastructure and energy storage. SUSI offers ESG compliant fund solutions that yield stable and low-correlated annual distributions, carry low risk and produce a measurable impact on climate change mitigation.