Green Charge Networks has closed on $20 million in non-recourse project finance debt plus a $30 million accordion from Ares Capital.

The financing will be used to fund Santa Clara, CA-based Green Charge’s growing Power Efficiency Agreement portfolio that includes equipment, construction, operations and maintenance of behind-the-meter projects. Green Charge has more than 31.3 megawatt hours of energy storage projects in operation or under construction ranging from school districts, retail, governments and utilities. Green Charge’s projects are the energy storage industry’s first to be financed through non-recourse debt.

“This financing gives Green Charge the ability to grow relationships with our existing customer base and extend our growing portfolio of projects,” said Vic Shao, CEO at Green Charge. “This is a significant milestone for Green Charge and the energy storage industry. We’ve proven that energy storage systems can provide a reliable value stream to our customers and investors.”

Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses and power generation projects.