GridStor, a developer and operator of utility-scale battery energy storage systems, closed a $120 million financing package provided by lending partners NORD/LB and Siemens Financial Services for its Gunnar Reliability Project, a 150 MW, 300 MWh battery energy storage facility in Hidalgo County, Texas.
“This transaction marks a significant milestone in our disciplined portfolio growth, focused on contracted revenues,” Chris Taylor, CEO of GridStor, said. “Committed capital from two world-class lending institutions underscores the value of GridStor’s reliability contributions to the Texas power grid during a time of unprecedented expansion in the state.”
Sondra Martinez, head of project finance-origination at NORD/LB, said, “We are proud to have led another successful financing for Gridstor. The closing of the Gunnar BESS project reflects our shared commitment to deploying critical energy storage infrastructure and supporting a more resilient and flexible grid.”
NORD/LB has previously partnered with GridStor to provide a letter of credit facility for its portfolio development and to finance its Goleta Energy Storage Project. The transaction is Siemens Financial Services’ first with GridStor.
“We are proud to provide financing in support of GridStor’s battery energy storage systems in Texas,” Jim Fuller, head of project finance at Siemens Financial Services, said. “The facility enhances power system reliability and supports economic growth in Texas, while providing the community with resilient, clean energy.”
Backed by Goldman Sachs Asset Management, GridStor manages 530 MW, 1,300 MWh of battery energy storage assets in operation and construction, as well as a pipeline of over 3 GW of battery storage projects in later-stage development across the western and central U.S.
