Flatiron Energy ("Flatiron" or the “Company”) announced today that it has closed on an expansion of its existing $125 million credit facility closed in 2024 (“Credit Facility”) with certain funds and accounts managed by HPS Investment Partners (“HPS”), bringing the total facility size to $250 million. The Company will utilize the Credit Facility for development and construction expenses associated with its development and under-construction portfolio of approximately 4.5GW / 18 GWh of utility-scale battery storage assets.
In addition, Flatiron’s existing equity capital partner, Hull Street Energy, LLC (“HSE”) increased its equity commitment to the Company, positioning Flatiron to become a premier regional IPP in the rapidly changing Northeast power market landscape.
The upsized credit facility and equity commitments come on the heels of Flatiron’s recent announcement that it has closed approximately $540 million of financing commitments from leading financial institutions to support the construction and operations of the Taft Project in Uxbridge, Massachusetts.
Together, the new corporate capital will allow Flatiron to finish development and begin construction for several projects in New England and continue building its pipeline in other areas in the Northeast and Mid-Atlantic regions that require significant investment in clean battery storage capacity.
“This expanded relationship with HPS, a global leader in infrastructure credit, positions Flatiron to grow on its first-mover and market-leading portfolio in the Northeast and Mid-Atlantic. We are excited to have this flexible and accretive capital to grow the operating base of our independent power producer,” said Dan Myers, Flatiron’s Chief Investment Officer.
Rob Brink, Flatiron’s Chief Financial Officer and Co-Founder said, “Since Flatiron’s founding, HSE has supported our rapid growth in our core markets, thanks in part to their deep understanding of power markets, especially in Massachusetts and New York. We appreciate HSE’s expanded support and look forward to leveraging our combined expertise and resources to continue our growth.”
“Hull Street Energy has a successful track record investing capital in the North American power sector as it navigates rising demand and increasing operational complexity,” said Sarah Wright, HSE’s Founder and Managing Partner. “We value the Flatiron team’s deep industry experience, strategic insight and meticulous execution. The portfolio they are building will provide essential firming resources to increasingly power constrained regions and aligns well with our mission."
Orrick, Herrington & Sutcliffe LLP and Clean Energy Capital LLP represented the Company.
Faegre Drinker Biddle & Reath LLP acted as legal counsel to Hull Street Energy.
About HPS Investment Partners
HPS, a part of BlackRock Private Financing Solutions, is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share a common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with approximately $165 billion of assets under management as of June 30, 2025. For more information, please visit https://www.hpspartners.com/.
About Hull Street Energy
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes and grows. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals and grid operations, including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders. For further information about Hull Street Energy, please visit www.hullstreetenergy.com.
About Flatiron
Flatiron Energy provides safe and reliable energy solutions to improve grid reliability, reduce ratepayer costs, and support communities as energy demand grows. We develop, own, and operate utility-scale energy storage projects that strengthen the electric grid and provide clean capacity where it is needed most. Flatiron's team leverages multiple decades of deep expertise in energy storage development, structuring, and asset optimization and we are guided by our mission to have a positive impact on the local communities we reach. To learn more, please visit: https://flatiron.energy/.
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