Macquarie Group’s corporate advisory arm Macquarie Capital has announced the closing of a $100m debt financing of an innovative battery-based energy storage project in Southern California.
In August 2016, Macquarie Capital has acquired the project from AMS and both have been jointly developing and constructing it. The project became the first non-recourse project financing of battery-based energy storage systems in 2017.
Southern California Edison (SCE) is supporting the existing 66MWh portfolio through funding for construction of an additional 177MWh portfolio of behind-the-meter, battery storage systems located in certain grid-constrained pockets of the West Los Angeles Basin service territory.
The current financing is part of a 52.5MW / 315MWh project for SCE. CIT Group has led the initial financing through its Energy Finance unit and is also the lead investor in the refinancing, joined by Rabobank and Sumitomo Mitsubishi Banking Corporation.
Macquarie Capital Green Energy Americas head Chris Archer said: “We are pleased to secure the financing for the next phase of development for this innovative battery storage infrastructure project in Southern California,”
“CIT has been an outstanding financing partner and believer in our track record of financing and developing distributed power assets and we are delighted to welcome new lenders to this growing asset class.”
In June, Irvine Ranch Water District and Macquarie Capital announced the completion of a large energy storage system, which is used for on-site power. The 2.5MW/15MWh installation now powers the District’s largest water recycling plant