Financing deal will support Convergent's current energy storage portfolios in New York and Maryland, and its broader 2025 portfolio across North America
NEW YORK--(BUSINESS WIRE)--Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced that it has closed a programmatic tax equity financing deal with East West Bank. The funding will be used for Convergent's New York and Maryland energy storage portfolios, which can provide more cost-effective, reliable, and sustainable electricity to over 8,000 customers. The deal, originated by Greenprint Capital, also supports Convergent's broader 2025 portfolio across North America.
"The need for energy storage has never been more pressing and this tax equity financing will allow Convergent to bring grid reliability to communities on the East Coast," said Convergent's CFO and Co-Founder, Frank Genova. "We're thrilled to partner with East West Bank, which recognizes the value of Convergent's assets and a broader programmatic partnership. We look forward to working together to build a more resilient and sustainable electric grid."
"East West Bank's support of Convergent, a leader in the energy storage sector, furthers their mission to develop and scale energy storage solutions," said Ken Edens, Senior Vice President, Sustainable Finance, at East West Bank. "This initial deal—and our programmatic collaboration—reflects our commitment to helping innovators improve and build the energy landscape of the future."
Convergent has over 800 MW / 1 GWh of energy storage and solar-plus-storage systems operating or under development and over $1bn invested in or committed to systems in operation or under development.
About Convergent Energy and Power
Convergent Energy and Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company's commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent's proprietary asset management platform, PEAK IQ leverages machine learning and deep market knowledge to optimize asset performance and maximize value. Convergent has over $1bn invested in or committed to assets in operation or under development across North America. For more information, visit convergentep.com or follow us on LinkedIn.
About East West Bank
East West provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: "EWBC") with total assets of $72.5 billion as of September 30, 2024. The Company's whollyowned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank's markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit .
Contacts
Convergent Press
Kate Siskel
SVP, Marketing and Communications
Convergent Energy and Power
ksiskel [at] convergentep.com
917-508-0274
East West Bank Press
CorporateCommunications@EastWestBank.com
