Pathward has served as agent for $146.5 million in construction loans to support the sponsor’s acquisition and construction of six battery energy storage system (BESS) projects in Cameron County, Texas. As a participant to the construction facility, Texas-based North American Development Bank (NADBank) provided funding for the projects in the amount of $73.25 million._x000D_
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This is Pathward’s second closed construction facility with the sponsor. In late 2023, Pathward also provided $72.35 million in construction loans on three BESS projects in Bexar County, Texas._x000D_
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“Financing the renewable energy economy is an important component of our sustainability strategy, and battery storage is an exciting segment of the market that we’re passionate to support,” Christopher Soupal, divisional president of Pathward’s Commercial Finance strategic business line, said. “We appreciate the ongoing trust placed with our team and the opportunity to continue partnering on future projects in Texas. We are incredibly honored by the strong relationship between the banks, our strategic partner Palmetto Energy Capital, and battery storage developers.”_x000D_
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“NADBank is very pleased to be backing the transition to a greener economy by supporting a more reliable Texas power grid that will minimize power disruptions and reduce energy losses resulting from mismatches in supply and demand,” John Beckham, managing director of NADBank, said. “We congratulate the team on closing the financing for this important project that will contribute to a greener, more sustainable grid.”
Forward for Specialty Finance
