​The first edition of the Modo Energy U.S. BESS Financing Report tracked 12 standalone BESS transactions in Q4 2025, totaling 2.7 GW, 9.8 GWh, and $1.9 billion in disclosed value. The most telling trend wasn't volume. All identified deals exceeded 100 MW, European and Japanese banks swept the top lending positions, and capital began flowing into ISOs beyond ERCOT and CAISO.