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SMT Energy has secured an equity partnership with Climate Adaptive Infrastructure for up to $268 million at the parent-company level, a deal aimed at supporting the development and construction of U.S. battery energy storage projects.
According to the source material, the equity commitment from Climate Adaptive Infrastructure, or CAI, could help SMT develop and build energy infrastructure with an aggregate value significantly greater than the equity provided.
SMT is a U.S. energy infrastructure company focused on the development, ownership, and operation of battery energy storage systems, or BESS. CAI is an infrastructure investment firm that specializes in low-carbon real assets in the energy, water, and urban infrastructure sectors.
The source states that CAI’s equity investment, together with tax equity and project-level debt, will fund SMT’s U.S. BESS projects across development, construction, and operations.
The investment was described in the source as part of a strategy of supporting scalable infrastructure platforms positioned to meet the growing demand for resilient, reliable and lower-carbon energy infrastructure.
Orrick advised CAI on the transaction.
The Orrick team was led by Kristin Seeger and included David Gold, Julianne Spears, and Robert Clary.
The source also included client descriptions of Seeger’s work, stating that her main qualities are "responsiveness, thoroughness and her understanding of the market" and that she brings "such experience to deals, it's very hard to fault her on anything." It added that she "knows where the market is and makes strong deal points."
The companies’ partnership centers on battery storage as electricity demand grows, with the funding structured to support SMT’s U.S. BESS pipeline through multiple stages, from development to operations.
CAI’s role, as described in the source, aligns with its focus on low-carbon infrastructure, while SMT’s role reflects its specialization in battery energy storage systems.
Read the source
