First Citizens Bank’s energy finance business served as lead agent on $60 million in financing to Gore Street Energy Storage Fund for the development of a 200-megawatt battery storage project located in Imperial County, CA.
Gore Street Energy Storage Fund is a publicly-traded battery storage company that builds, owns and operates battery storage projects across the UK, Ireland, Germany and the U.S. The company’s subsidiary, Big Rock ESS Assets, owns the 200-megawatt/400-megawatt hour California battery storage project, which will benefit from contracted revenue through the Resource Adequacy program.
The financing from First Citizens Bank will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio.
“We are pleased to work with First Citizens Bank to secure financing for the Big Rock project,” Alex O’Cinneide, CEO of Gore Street Capital, the investment manager of Gore Street Energy Storage Fund, said. “First Citizens is one of the leading lenders in the U.S. battery energy storage sector, and we are impressed by their knowledge and efficiency in arranging financing for this large-scale energy storage project.”
“Big Rock’s strategic location and use of commercially proven Tier 1 technology makes it a valuable addition to Gore Street Energy Storage Fund’s portfolio,” Mike Lorusso, head of First Citizens’ energy group, said. “We appreciated working with the company’s highly experienced investment management team in structuring this unique financing to support completion of this attractive project.”