In August 2010, the Department of Energy issued a $43 million loan guarantee to finance Stephentown Spindle, a flywheel energy storage project in Stephentown, New York. The loan guarantee agreement was restructured in March 2012, when Stephentown Spindle, LLC, a wholly-owned subsidiary of Rockland Power Partners, LP, acquired substantially all of the assets of the original borrower, SRS. This resulted in a $25 million repayment obligation of Stephentown Spindle, which operates the project. The project consists of 200 flywheels to provide a more stable and efficient electrical grid. Stephentown Spindle services the New York Independent System Operator market.
Stephentown Spindle is the first commercial deployment of this newly developed flywheel technology. By using Beacon Power’s innovative Gen4 flywheel system to store and discharge energy, the 20-MW plant supports the frequency regulation market to maintain grid frequency with immediate response capability. Grid frequency regulation is a critical, FERC-required service for all electric grids throughout the country.
Stephentown Spindle created 20 construction jobs and is expected to support 8 permanent jobs.
Stephentown Spindle can help meet the demands of the electrical grid with immediate response capability, which contributes to better integration of intermittent, yet clean, renewable energy sources like solar and wind.
|Owner||Rockland Power Partners|
|Location||Stephentown, New York|
|FINANCIAL SUMMARY||Loan Program 1||Title XVII|
|Loan Type 2||Loan Guarantee|
|Loan Amount 3||$25 Million|
|Issuance Date 4||March 2012|
|ENERGY SUMMARY||Operation Status||Operating|
|Storage/Discharge Capacity||20 MW|
|ECONOMIC IMPACT||Permanent U.S. Jobs Supported||8|
|U.S. Construction Jobs Supported 5||20|
All information up-to-date as March 2015.
1 Prior to being restructured into a direct loan obligation to DOE in March 2012, the loan guarantee was issued under Title XVII.
2 Prior to being restructured into a direct loan obligation to DOE in March 2012, the loan guarantee was issued under Title XVII.
3 Closing obligation for original asset was $43.1 million, of which $39 million ($25 restructured into an active asset; $12 written-off; $2 recovered) was funded.
4 Original loan issuance date August 2010, restructured March 2012.5 Estimated at the time of closing.