GridStor, a developer and operator of utility-scale battery energy storage systems, together with financial partners ING Capital, KeyBank and Zions Capital Markets, closed a $220 million tax equity bridge, construction and term debt financing agreement to complete the development of GridStor’s 100 MW / 400 MWh White Tank battery energy storage facility in Arizona.
The White Tank facility will be operated via a 20-year tolling agreement with Arizona Public Service (APS), a large electric utility serving approximately 1.4 million homes and businesses. The project is sited in Maricopa County and is expected to be placed in service in H1/27.
“We are proud to work with three distinguished financial partners to complete the financing of the White Tank Reliability Project,” Chris Taylor, CEO of GridStor, said. “Trusted partnerships like these are critical for advancing large-scale power supply and infrastructure to meet surging demand for new power capacity. We thank ING, KeyBanc Capital Markets and Zions for placing their trust in us.”
“We are pleased to complete the financing of the White Tank battery energy storage project with GridStor,” Filipe Barreto, director of ING Capital, said. “The rapid growth of renewable generation is driving increasing demand for energy storage solutions, making BESS assets an integral part of energy infrastructure and one of the primary themes in energy financing. This transaction reflects ING’s confidence in the sector and our commitment to financing energy infrastructure that enhances grid reliability and supports the transition to a lower-carbon energy future. We look forward to building on this success with GridStor.”
Greg Berman, managing director, utilities, power and renewable energy at KeyBanc Capital Markets, added, “Battery storage has become an essential part of how utilities address growing load, reliability requirements and changing grid conditions. We’re proud to have arranged this financing for GridStor’s White Tank project and support the development of infrastructure that can be deployed quickly and at scale to help address the nation’s evolving energy needs.”
Robert Park, head of power and project finance at Zions, said, “We are pleased to provide this strategic financing to support the continued growth of Arizona’s energy capacity. This transaction underscores our Power and Project Finance team’s expertise in structuring tailored financial solutions in the power sector, and we are proud to have supported GridStor in this project transaction.”
