Utilities, Power & Renewables

Committed to helping your business thrive.

KeyBanc Capital Markets logoDeep industry expertise allows us to bring valuable content and actionable ideas to our clients. We’re ready to help guide your business toward its strategic goals through customized financial solutions.

Expertise

KeyBanc Capital Markets® (KBCM) is a leader in renewable energy investments in the U.S. and provides services to clean technology firms in the power generation, smart grid, energy management, and pollution control sectors. In 2021, KBCM continued to invest in its renewable investment banking team, doubling in size while enhancing its advisory and capital markets capabilities.

From 2018 through the first half of 2021, we ranked as the number #1 lender in terms of both the number and dollar volume of deals executed. For deals executed in just the first half of 2021, we ranked #2 in both the number and dollar volume of deals executed. This is the sixth consecutive year that we have finished in the top three, according to Dealogic 2021 rankings.

At year-end 2021, KeyBank NA (Key) had $6.5 billion committed to renewable energy projects, representing a cumulative capacity of 42.9 GW, a 7.0 GW increase compared to 2020. Key has committed more than $13.5 billion to renewable energy since the inception of the alternative energy team in 2007. These direct commitments by Key have helped to facilitate $52.5 billion of financings in the bank debt market for renewables.

Recent Transaction

A major highlight of the past year was KCBM’s role in one of the largest financing deals for a utility-scale standalone battery storage project. In October 2021, we successfully financed Plus Power’s $218.9 million Kapolei Energy Storage project. Kapolei consists of a stand-alone battery energy storage system with a capacity of 185 megawatts / 565 megawatt hours, which once complete, will be the fourth-largest battery storage project in the world. The project is located on Oahu, Hawaii, and is expected to be commercially operational by the fourth quarter of 2022. Once operational, the project will replace AES’s coal plant, the last remaining coal-fired generation in Hawaii, supporting the state's goal of shifting from fossil fuels to 100% renewable energy generation.

Capabilities

Our services cover the breadth of investment banking and financial advisory services all with the backing of one of the largest U.S. commercial banks.

Our capabilities include:

  • Mergers & Acquisitions
  • Financial Advisory
  • Debt Capital Markets
  • Equity Capital Markets
  • Project Financing
  • Bond Underwriting
  • Private Placements
  • Asset-Backed Securities
  • Interest Rate, Commodity and Currency Hedging
  • Payments

Our Approach

We establish long-term relationships with our clients in the utilities and renewable energy sectors. This deep-dive approach allows us to bring our extensive knowledge and current context to both individual transactions and long-term strategies. Our integrated team across products and services accelerates speed to market for our clients.

Sectors

Our clients are public and private companies that build, own, and operate energy infrastructure.

  • Electric Cooperatives
  • Electric Transmission
  • Energy Marketers
  • Energy Storage
  • Independent Power
  • Investor-owned Utilities
  • Municipal Power
  • Renewables (Wind, Solar, Other)

Recent Deals

December 2022

Poseidon

$600 Million

Senior Secured Credit Facilities

Coordinating Lead Arranger
Administrative Agent

sunrun-poseidon
December 2022

a portfolio company of

has been acquired by

 

$1 Billion

Sell-Side Advisor

scout-clean-energy
November 2022

has divested of a 14.2 MW community solar portfolio in Illinois to

Sell-Side Advisor

cenergy-power
October 2022

has received a $500 million equity investment from

 

 

$500 Million

Sell-Side Advisor

longroad-energy
September 2022

 

$260 Million

First Mortgage Bonds

Joint Lead Placement Agent

dte-gas-company
September 2022

Southern Col MidCo, LLC

$170 Million

Senior Secured Notes

Joint Lead Placement Agent

southern-col-midco-llc
September 2022

Northern States Power Company (a Wisconsin Corporation)

$100 Million

First Mortgage Bonds

Sole Placement Agent

northern-states-power-company
August 2022

Ecosave Contract Assets III LLC

$53 Million

Senior Secured Credit Facilities

Sole Lead Arranger
Sole Bookrunner
Issuing Bank
Administrative Agent

ecosave-contract-assets-iii-llc

KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp® and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A.

Securities products and services: Not FDIC Insured • No Bank Guarantee • May Lose Value

Please read our complete KeyBanc Capital Markets disclosure statement.

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