First Citizens Bank, through its energy finance business, served as co-lead arranger on $315.7 million of financing for four battery energy storage systems in Texas. The projects, which collectively represent 730MW / 1,049MWh of capacity, are being developed by an affiliate of UBS Asset Management’s Energy Storage Investment Fund I. Commercial operation of all four battery storage projects is expected later this year.
“We see expanding opportunities for battery storage systems, such as these four projects in Texas, to support the reliability and cost-effectiveness of clean energy sources,” Ken-Ichi Hino, co-head of the energy storage investment strategy at UBS Asset Management, said. “We greatly appreciated the industry knowledge and expertise of First Citizens Energy Finance in helping arrange this financing.”
“These four battery projects represent a significant addition to the battery energy storage capacity of the Texas electrical system,” Mike Lorusso, who heads First Citizens’ energy finance business, said. “We were pleased to serve as co-lead arranger for these important projects and to work closely with UBS to deliver a successful financing.”
