We're Proud to Have Played a Role in Lightshift’s Successful Financing by Bringing Our Independent Technical and Financial Expertise to Their Growing Energy Storage Portfolio: Iñaki Herrero of Enertis Applus+

ARLINGTON, Virginia, Nov. 26, 2025 — Global renewables engineering consultancy Enertis Applus+ helped Lightshift Energy secure a $75 million credit facility from KeyBanc Capital Markets to support its battery energy storage system projects across the U.S. East Coast. Lightshift is a developer, owner, and operator of battery energy storage projects, with headquarters in Arlington, Virginia.

The credit facility will back six operational projects and enable the advancement of 10 projects currently in or nearing construction. It also provides the foundation for further projects as Lightshift continues its growth. Since 2019, the company has been developing a diverse multi-gigawatt pipeline of energy storage projects nationwide.

How Did Enertis Applus+ Contribute?

Enertis Applus+ provided a comprehensive range of Independent Engineering services for Lightshift’s BESS projects portfolio. The services included reviews of energy storage system supply agreements, ESS agreements, long-term services agreements, engineering, procurement, and construction contracts, interconnection agreements, project design, financial models, and useful life plans.

According to Iñaki Herrero, Managing Director for North America at Enertis Applus+, “We’re proud to have played a role in Lightshift’s successful financing by bringing our independent technical and financial expertise to their growing energy storage portfolio. As energy storage takes center stage in the transition to a more resilient and flexible grid, our focus is on helping investors and developers alike make sound, data-driven decisions that enhance value and minimize risk.”

Projects in Operation and Under Construction

Operational Projects: The financing backs six operational projects developed and managed by Lightshift. These projects are already providing energy storage services to their respective locations.

Projects Under Construction: Ten additional projects are currently in or nearing construction. The financing will enable Lightshift to continue these projects while maintaining oversight of technical and financial aspects through the Independent Engineering services provided by Enertis Applus+.

Why is This Financing Significant?

Rory Jones, co-founder and Managing Partner of Lightshift, said, “This transaction marks a major milestone for the industry through project financing for a fleet of batteries across diverse regions and offtakers, all with the same operational objective, to provide firm capacity to the grid in the fastest most impactful way possible.”

The financing illustrates the growing importance of energy storage projects in the U.S. and the role of Independent Engineering in reducing technical and financial risk. By supporting multiple projects through a single credit facility, the transaction helps ensure continued development and operational reliability for Lightshift’s portfolio.

About Enertis Applus+

Enertis Applus+ is a global consulting, engineering, and quality control firm with expertise in renewable energy and energy storage. The company has more than 25 years of experience and a track record of over 750 GW in renewable energy and 100 GWh in energy storage projects, including the accumulated experience of Barlovento Applus+. Since 2021, Enertis Applus+ has been part of Applus+, a leading company in testing, inspection, and certification with over 20 years of experience in the renewable sector.

With a mission to ensure maximum profitability and proper risk management for its clients, Enertis Applus+ has completed more than 6,000 projects in over 65 countries. The company has offices in the United States, Spain, Chile, Mexico, Australia, the United Kingdom, Italy, Colombia, Panama, Brazil, Argentina, South Africa, and China.

About Lightshift Energy

Lightshift Energy is a utility-scale energy storage project developer, owner, and operator headquartered in Arlington, Virginia. The company develops a multi-gigawatt pipeline of energy storage projects across the U.S. Using expertise in energy storage analytics, application design, finance, and development, Lightshift deploys energy storage projects to maximize value for utilities and other partners while reinvesting in local communities.

About KeyBanc Capital Markets

KeyBanc Capital Markets is the corporate and investment banking arm of Cleveland-based KeyCorp. The firm provides capital markets and advisory solutions to companies across sectors including Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology. With more than 800 professionals, KeyBanc Capital Markets has raised over $125 billion in capital for clients. The firm’s equity research team provides coverage for over 500 publicly traded companies.

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., and KeyBank National Association are marketed.

This transaction marks a major milestone for the industry through project financing for a fleet of batteries across diverse regions and offtakers, all with the same operational objective, to provide firm capacity to the grid in the fastest most impactful way possible.

Inputs from Diana Chou

Editing by David Ryder