Deutsche Bank and First Citizens Bank Close $315,7 Million Financing for Four Texas Battery Energy Storage Projects

Deutsche Bank and First Citizens Bank Close $315,7 Million Financing for Four Texas Battery Energy Storage Projects.

Deutsche Bank and First Citizens Bank announced today they served as co-lead arrangers on a $315.7 million financing for four battery energy storage systems in Texas. Deutsche Bank Trust Company Americas served as Administrative Agent on the transaction. SocGen and Siemens joined as Joint Lead Arrangers and BankUnited, Mitsubishi HC Capital, and Bayern LB rounded out the syndicate.

All four projects are expected to be operational later this year and collectively represent 730 MW / 1,049 MWh of capacity owned by a battery energy storage-focused fund at UBS Asset Management. Battery energy storage systems are increasingly seen as a key component for supporting grid stability and reliability, as well as for maximizing the value of renewable power generation.

Ken-Ichi Hino, Co-head of the Energy Storage investment strategy at UBS Asset Management, said:

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.

“We greatly appreciated the industry knowledge and expertise of the First Citizens Energy Finance and Deutsche Bank teams in helping arrange this financing.”

Jeremy Eisman, Managing Director and Head of Infrastructure & Energy Financing at Deutsche Bank, said:

We are pleased to support UBS Asset Management’s storage investment strategy within its infrastructure portfolio.

“This financing builds upon Deutsche Bank’s leading track record of supporting renewable project developers at both the asset and platform level.”

Mike Lorusso, who heads First Citizens Energy Finance, said:

These four battery projects represent a significant addition to the battery energy storage capacity of the Texas electrical system.

“We were pleased to serve as co-lead arranger for these important projects and to work closely with UBS Asset Management to deliver a successful financing.”

Deutsche Bank’s Infrastructure & Energy Financing group provides structured financing solutions for clients across the renewable, power and energy sectors.

First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

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Deutsche Bank and First Citizens Bank Close $315,7 Million Financing for Four Texas Battery Energy Storage Projects. source